Quote from endsongs:
This started in 1970, when the gold standard was completely removed. It accelerated in 1981 when politicians realized that without the gold restraint, they could create the illusion of realtime prosperity by increasing spending and passing the bills on to future generations. The delayed ponzi scheme of borrowing from/robbing future generations to pay people in the present could not last forever. We could make it past this recession because the dollar still has relative worth as it is the exchange fiat of choice. The next recession, when the dollar may not be supreme and all resources were exhausted to make it through this one, worries me.
I have to agree. The signs appeared in the late 1970's and some of the oldtimers warned of it back then.