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> the US left the gold standard which meant currency could be created by the central bank

You have the causality backwards. We left the gold standard because we created too much currency and were facing a run [1].

[1] https://history.state.gov/milestones/1969-1976/nixon-shock

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Yes, and breaking that final gold-dollar link to fix the overspending issue caused productivity to be disconnected from the money supply, thus allowing more of the value capture to happen to those who could create equity or be loaned money.

> breaking that final gold-dollar link to fix the overspending issue caused productivity to be disconnected from the money supply

The point is it was always broken. I wrote a comment in response to someone describing the 19th century as some panacea of monetary stability. It wasn't [1].

The anomaly isn't the 70s or 80s. It's the post-War era of the 1950s and early 60s.

[1] https://news.ycombinator.com/item?id=42715153

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