Editing Stagflation (section)

===End of Bretton Woods system===
[[File:Price of gold.webp|thumb|Price of gold 1915-2022]]
In the mid 1970s the [[Bretton Woods system]] was failing and countries' [[fixed exchange rate system]] between currencies started to [[Floating exchange rate|float]], and the [[gold standard]] where currencies were [[Fixed exchange rate system|pegged]] to gold was abandoned.  The price of [[Gold as an investment|gold]] and [[Petroleum industry|oil]] became very [[Volatility (finance)|volatile]] after many years of steadiness.<ref>{{cite web | url=https://www.imf.org/external/about/histend.htm#:~:text=End%20of%20Bretton%20Woods%20system,-The%20system%20dissolved&text=In%20August%201971%2C%20U.S.%20President,the%20breakdown%20of%20the%20system | title=About the IMF: History: The end of the Bretton Woods System (1972–81) }}</ref><ref>{{cite web | url=https://cepr.org/voxeu/columns/operation-and-demise-bretton-woods-system-1958-1971 | title=The operation and demise of the Bretton Woods system: 1958 to 1971 | date=23 April 2017 }}</ref>
[[File:US Dollar Index DXY.webp|thumb|400px|center|
{{legend|#00A2FF|outline=#0076BA|[[U.S. Dollar Index|US Dollar Index]] (DXY) <br> In the early 1970s, this graph shows some currencies at [[fixed exchange rates]] before [[Floating exchange rate|floating]] against each other:}}
{{legend-line|#F27200 solid 3px|[[United States dollar|USD]]/[[GBP]] [[exchange rate]]}}
{{legend-line|#017100 solid 3px|USD/[[Canadian dollar]] exchange rate}}
{{legend-line|#004D80 solid 3px|[[Euro|EUR]]/USD ([[multiplicative inverse|inverted]]) exchange rate}}
{{legend-line|#BC002D solid 3px|USD/[[Japanese yen|JPY]] exchange rate}}
{{legend-line|#FFCD00 solid 3px|USD/[[Swedish krona|SEK]] exchange rate}}
{{legend-line|black solid 3px|USD/[[Swiss franc|CHF]] exchange rate}}
]]