The USD was metal based, in one way or another, from 1792-1971, with convertibility briefly suspended following the Great Depression. The economy grew by many orders of magnitude over that time, vastly more (relatively) than it has since 1971, which is when Bretton Woods ended and the USD finally became completely free floating.
Now, just 50 years beyond that point, think about how fragile everything already seems. It's only being held together by massive fed involvement, quantitative easing, and ever more archaic economic concepts like zero or even negative interest rates. And this all during (1) extremely stable years (relative to the World Wars and much more that we previously overcame) and (2) unprecedented growth enabled by the computing revolution. Without these factors, do you really think this experiment would've seen 50?
From 1800 to 1950 there was inflation of less than 50%. [1] From 1971 to 2007 (to go just before your cutoff date) there was inflation of 528%. That in-between era of 1950 to 1971 is when the money printer started. We were still bound by Bretton Woods and so when France made a 'gold call', on all the worthless dollars they had accumulated, we simply defaulted and withdrew. A fun quote from Nixon's treasury secretary at the time, "The dollar is our currency, but it's your problem."
Now, just 50 years beyond that point, think about how fragile everything already seems. It's only being held together by massive fed involvement, quantitative easing, and ever more archaic economic concepts like zero or even negative interest rates. And this all during (1) extremely stable years (relative to the World Wars and much more that we previously overcame) and (2) unprecedented growth enabled by the computing revolution. Without these factors, do you really think this experiment would've seen 50?
From 1800 to 1950 there was inflation of less than 50%. [1] From 1971 to 2007 (to go just before your cutoff date) there was inflation of 528%. That in-between era of 1950 to 1971 is when the money printer started. We were still bound by Bretton Woods and so when France made a 'gold call', on all the worthless dollars they had accumulated, we simply defaulted and withdrew. A fun quote from Nixon's treasury secretary at the time, "The dollar is our currency, but it's your problem."
[1] - https://www.minneapolisfed.org/about-us/monetary-policy/infl...