Indirectly it did. Without the requirement of an equal amount of gold in Ft. Knox for every dollar printed and in circulation a man by the name of Arthur Burns cranked up the money printing machine. The joke in the financial arena was that “… his arms were to short to reach the bottom of the money barrel….”
This cranking up of the money supply caused huge inflationary pressures and could only be stopped by one Paul Volker who single handedly created a man made recession. It was necessary to squeeze out the problem.
Jimmy Carter didn’t comprehend what was happening but he knew he had to lower the thermostat and put on his sweater. Not to mention turning out the White House lights to save money.
I was lucky enough to survive that time by working for Generous Electric and when Reagan was elected we got tremendous amounts of government contracts especially in the NSA and Air Force areas.
I’ll never forget saying over and over, “Ronald Reagan, right or wrong! He’s the one who’ll make us strong!”
Trump reminds me of that time. I can’t imagine him ever turning out a light!