Inflation is caused by one thing, and that's an increase in the money supply. That is plain wrong. Think about what would happen if the scarcity of crucial go

Inflation is caused by one thing, and that's an increase in the money supply. That is plain wrong. Think about what would happen if the scarcity of crucial goods like food and shelter increased by 1000%. Would there be inflation? I'd put my money on it! Well, yes, but that's precisely the point. No, it is not precisely the point. The economy was already declining when Nixon moved off the gold standard. Why do you think he wanted to do it in the first place? And if your theory was correct, then why did the economy recover? Last time I checked, we didn't move back to gold in 1980.