Money and BanksMoney and Banking
Conflating "inflation" with a general rise in prices prevents understanding the true problem with inflation.
BiographiesThe EntrepreneurAustrian Economics OverviewCalculation and KnowledgeEntrepreneurshipPhilosophy and Methodology
A major catalyst behind the collapse of the Bretton Woods system was the loose monetary policies of the US central bank, which pushed the price of gold in the gold market above the official $35 per ounce.
If a currency can't be converted on demand into the underlying commodity, it's not "backed" by that commodity.
Protectionism and Free Trade
Employers that rely on aluminum and steel will now have to pay more for those resources, meaning workers will see lower wages and less hiring.
The FedMoney and Banking
When the Fed began paying interest on bank reserves, it kept a lid on inflation. But now there's no easy way out.