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The Wall Street crash and subsequent deflation forced most countries off the gold standard in the 1930s, except for the United States. Roosevelt's New Deal made it illegal for Americans to own gold.

The gold standard, designed by Isaac Newton in the 18th century, was abandoned by the Bank of England in 1798 because it couldn't afford to redeem its notes for gold. This marked a significant shift in economic policy.

In 1971, America came off the gold standard due to excessive spending on the Vietnam War and President Johnson's welfare programs. This led to a situation where the US didn't have enough gold to back the dollars it had printed.

The era of Western dominance, according to historian McNeil, occurred between the Crusades and World War I, when markets were more powerful than governments. This period ended with World War I as European economies became part of a socialist framework.

Since the final vestiges of the gold standard were abandoned in 1971, the supply of money has ballooned. This has led to more money chasing the same amount of goods, contributing to the rise in prices over the years.