They did not become persistently wealthy, but they were able to buy a bunch of neat stuff like ships that they could not purchase previously before people caugh

They did not become persistently wealthy, but they were able to buy a bunch of neat stuff like ships that they could not purchase previously before people caught on that there was more gold. Spain did become "wealthy", but that is because inflation is a wealth transfer from creditors to the immediate recipient of the newly created money that lasts until the creditors catch on. But, as you point out, it stops working when people realize they are getting fleeced. Spain learned that the hard way.