Although the Bretton-Woods system (1948-1971) was a pseudo-gold-standard manipulated by central banks, it was far superior to the fiat paper regimes seen since 1971, which have contributed so much to the boom-bust cycle, to unprecedented market volatility, over-leveraging, government budget deficits, debt crises, and economic stagnation.
FORBES: Gold, Reagan and the Reds: From Degraded Dollar to Downgraded Debt