remember the inflation psychology of that time very well; it led Americans to borrow money and immediately take their paychecks to buy things to “get ahead of inflation.” They also bought things that you couldn’t make more of, like gold and waterfront properties. The panic out of dollar debt also led interest rates to rise and drove the gold price from the $35 that it was fixed at in 1944 and officially stayed at until 1971 to $850 in 1980.
