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" ... The immediate result was an economic disaster – the “stagflation” of the 1970s. Considerable recovery was achieved during the “Great Moderation” of the 1980s and 1990s, when the dollar’s value was held around $350/oz. of gold – by intent or by accident, a crude gold standard system. (Alan Greenspan, who presided over much of this time at the Federal Reserve, has hinted rather heavily that this was on purpose.) After 2000, the dollar’s value declined again vs. gold, from around $300/oz. to a nadir near $1900/oz., and then bounced around rather turbulently. Another era of stagnation and disappointment, accompanied by a serial rotation of strange “asset bubbles,” was the result. ... "