From 1947 until 1967, when we had gold- dollar convertibility, unemployment averaged only 4.7%, with economic growth about 4% annually. Plus the fact 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 ensued from that point, and gold today appears to be the preferred reserve of many countries. (See the Earl J Weinreb NewsHole® comments and @BusinessNewshole tweets.)
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