He doesn't seem to have ever understood the critical role of Fed policy and mistakenly thought that arbitrarily raising the price of gold would make money easier.

他似乎从未明白联邦储备局政策的重要作用，并且错误地认为随意提高金价会更容易挣钱。

youdao

In contrast, if we look at normal recessions, where the country is not at war, is on the gold standard, and where Keynesian policy is not dominant, we find a much different story.

与之相反，如果我们观察发生在和平时期、金本位制度下、凯恩斯主义还未上升为主流时的正常衰退，我们会发现完全不同的事实。

youdao

But if the actions of central Banks are themselves pushing up the gold price, can they use that same price as justification for tightening policy?

如果中央银行也企图推高金价，那么他们能够用同样的代价调整紧缩的政策吗？

youdao

On monetary policy, Roosevelt and the Congress decided that the dollar should no longer be tied to the price of gold.

VOA: special.2011.03.24

On August 15, 1971, Nixon resolved the conflict by effectively ending the U.S. gold standard policy.

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The first signs of deflation could lead to a harsh sell-off in gold, but policy makers, particularly in the United States, are keen to avoid such a scenario.

FORBES: Good Day To Short Stocks, Even Apple

The Dow sunk one more time, all the way to 770 in 1982, when the Federal Reserve began targeting the price of gold in monetary policy and the big Reagan tax cuts started to phase in.

FORBES: The Dow Is Retracing the Stagflation Market