The seventies crisis was an oil crisis, a supply problem. If tomorrow the price of energy double you will get excessive inflation too because energy is related

The seventies crisis was an oil crisis, a supply problem. If tomorrow the price of energy double you will get excessive inflation too because energy is related to everything. The way to control excessive inflation would be spending less in the economy. The way to reduce aggregate demand would be more taxes, higher interest rates, etc.. That doesn't mean that the cause would be the current spending level, only that the current spending level would not be appropriate anymore for the new circumstances. The same reasoning works in the other direction. If there is not enough inflation, it means that the economy has underutilized capacity (currently the euro-area for instance). In that case, more fiscal deficit are necessary, otherwise you are creating unemployment and losing oportunities. That's impossible to do if you are constrained by how many Euros (or gold) you have. The quantity of gold is not related in any systemic way to the real economy. If you insist in managing your economy with an arbitrary constrain like gold (or Euros) you lost the capacity to give the proper fiscal response to the situation at hand.