As we saw in the previous chapter, the devaluation of the U.S. dollar in terms of gold had temporarily halted by the end of 1974. After peaking at $195.25 an ounce on December 30, 1974, the dollar price of gold fell to $104.00 on August 31, 1976.
As a result, during 1975, the rate of U.S. inflation, as measured by the government producer price index, was “only” about 4.4 percent. Still, the index rose more in the recession-depression year of 1975 than in the inflationary boom year of 1965. This was despite a slump that was considerably worse than that of 1957-58.
A Critique of Crisis Theory 
Excellent blog! I have a question that I hope you can throw some light over. What was the cause of the low interest rates in Japan after 2008? Also how would you explain the Plaza accords? It is commonly said that these accords led to a period of stagnation in Japan.
Thank you!