I didn't really comment on the relationship between the gold peg and inflation. What I was trying to say is pulling in disparate indicators like wage growth and

I didn't really comment on the relationship between the gold peg and inflation. What I was trying to say is pulling in disparate indicators like wage growth and national debt and blaming them on coming off the peg is wrong. What's interesting about the inflation picture is that there was significant inflation while on the gold peg. It wasn't like people were using gold coins in 1970; they were using dollars, created from loans. In theory, there is now no limit to amount of money the Fed can create, but in practice there is a limit. Unlimited money creation without a matching rise in economic output would lead to massive inflation. They actually show incredible restraint in money creation, because their aim is not to see who can create the biggest pile of money in the world, but rather to keep inflation and unemployment low. You're right that there are opportunities for wealthy people with good credit ratings to make money, but that would be exactly the same in the gold pegged world. If it's any consolation, a lot of that "wealth" is in fact unrealisable, at least not in the aggregate. Only increased productivity and new discoveries can raise our collective stock of wealth.