Simple cause and effect? No geopolitical, socioeconomic factors in play?
Was there a 'magical time in the Reagan and Bush presidencies when the 'gold standard' was not front and center as a concern for 'gold standard bugs'?
https://en.wikipedia.org/wiki/Nixon_Shock
Was there a 'magical time in the Reagan and Bush presidencies when the 'gold standard' was not front and center as a concern for 'gold standard bugs'?
https://en.wikipedia.org/wiki/Nixon_Shock
Quote:Debate over the Nixon Shock has persisted to the present day, with economists and politicians across the political spectrum trying to make sense of the Nixon Shock and its impact on monetary policy in the light of the financial crisis of 2007–08. Columnist David Frum sums up the situation this way:
The modern currency float has its problems. There is no magical monetary cure, monetary policy is a policy area almost uniquely crowded with trade-offs and lesser evils.
If you want a classical gold standard, you get chronic deflation punctuated by depressions, as the U.S. did between 1873 and 1934.
If you want a regime of managed currencies tethered to gold, you get regulations and controls, as the U.S. got from 1934 through 1971.
If you let the currency float, you get chronic inflation punctuated by bubbles, the American lot since 1971.
System 1 is incompatible with democracy, because voters won’t accept the pain inherent in a gold standard.
System 2 is incompatible with the free market economics I favor.
That leaves me with System 3 as the worst option except for all the others.[19]
