According to historians, 1971 was the last time the world was stable.
Of course there were troubles but overall it seems the majority of the western population had never had it so good. Unemployment was VERY LOW.
NO housing bubble - house prices were stable - people were actually paying off there mortgages in as little as 7 years. Interest rates were as high as 10% which meant it was good for savers. Today it is 1.2%.
SO WHAT WENT WRONG?
In 1971 president Richard Nixon took off the dollar from the gold standard. He did this to raise money for the Vietnam war.
WHY IS THIS SIGNIFICANT?
Think of it like this. Before Nixon, if you had one dollar you could go into any bank and DEMAND one dollar´s worth of gold. So imagine a Govt wanted to print more money, they can but it meant that BY LAW - they must have enough physical gold in the bank to back each and every dollar/pound/krona etc.
This is why gold reserves were so important.
NOW - when Nixon took this LAW away it meant he could print as much money as he wanted.
Other western countries copied and so this is the state of affairs for most western countries today.
Govts can literally print as much money as they want and when there is too much of something then its value diminishes. This is why the value of your currency keeps going down and down and down and down and down. And is why it takes more and more money to buy a house, a car, an egg, a loaf of bread etc - and why wages also do not go up.
This will only get worse and worse and worse.
SO WHAT`S THE ANSWER?
Cryrto-currencies are literally programmed to have limited amount created. This means they become more and more scarce and the more scarce something is the more its value goes up. This is why people call Bitcoin digital gold.
I am probably preaching to the converted here as those who are on Steemit are those who have seem the light already.
Thank your visiting my blog and a warm welcome back next time.