Something happened, all right | The Nation

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Mr. Clover: How very odd. You start off with Friedrich Hayek who, were he still alive, might have explained to you precisely what was that "world-changing" "something" that "happened in the 1970s." Which was not what you say it was. What happened involves a word you do use in a couple places in your piece, the second time obliviously quoting a friend: "Marxism is like gold" (emphasis added). What happened, happened in 1971. Nixon severed the last link between currency and gold, thereby removing the optimal market "regulator," blowing price signals to kingdom come.