From 1947 until 1967, when we had gold- dollar convertibility,
unemployment averaged only 4.7%, with economic growth about 4% annually. Plus, inflation remained relatively low.
In 1971, during the Nixon Administration, the Bretton Woods agreement set up a new system, including the International Monetary Fund and the International Bank for Reconstruction and Development, part of the World Bank Group. The U.S. dollar became the world reserve currency for the member states. However, slower growth has followed from then; gold today appears to be the preferred reserve of many countries. (See the Earl J Weinreb NewsHole® comments.)
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