the great fear of the establishment from 1946 to 1970
finally came true after 1971
with the ending of the fire wall holding down inflation
call bretton woods
the trade boom of the 50's and 60's was mediated and mediated more or less effectively
by
the dollar gold link and the major trading currencies link to the dollar
ie quasi fixed exchange rates for all and gold drain fears for uncle
yes some currencies were chronically under valued
most notably the mark and the yen
some like uncle's dollar and Sterling were over valued
all this "by design" of course
but a design that finally proved unsustainable by 1970
so dick nixon acted in 1971 !~
