When the US dollar was no longer redeemable for gold, this removed the main constraint from the Federal Reserve being able to create more dollars and expand credit. The massive transfer of wealth this creates and encouragement of debt financing was probably the single biggest factor in making housing prices what they are today.
Not sure how that affected families as much, but go on.
I'm serious, not being snarky.
There would be no reason for you to be snarky.
When the US dollar was no longer redeemable for gold, this removed the main constraint from the Federal Reserve being able to create more dollars and expand credit. The massive transfer of wealth this creates and encouragement of debt financing was probably the single biggest factor in making housing prices what they are today.
Correct me if I am wrong, but by the time the gold window closed, gold reserves were nowhere near the number of dollars in circulation?
Correct. The fact that the US government couldn't make good on its promises to redeem dollars for gold led Nixon to suspend gold redemption entirely.