[Verse 1] In nineteen seventy-three the anchor chain let go Gold standard crumbled, let the currencies flow Nixon closed the window, no more fixed exchange Economic tides were turning to a world of change [Chorus] When the golden anchor broke, inflation took the wheel Seventy-three's the year that changed how money feels Energy shocks and rising costs, the old rules had to bend Remember nineteen seventy-three, where new economics begin [Verse 2] Oil embargo hit us hard, quadrupled what we paid OPEC held the power while economies swayed Stagflation started creeping, prices climbing high While unemployment lingered and the old theories died [Chorus] When the golden anchor broke, inflation took the wheel Seventy-three's the year that changed how money feels Energy shocks and rising costs, the old rules had to bend Remember nineteen seventy-three, where new economics begin [Verse 3] Central banks were learning how to fight the rising tide Policy makers scrambling with nowhere left to hide Canada and America both felt the global strain As persistent price increases drove economists insane [Bridge] Credibility became the name of the game Trust in institutions would never be the same From Bretton Woods to floating rates The monetary system met its fate [Chorus] When the golden anchor broke, inflation took the wheel Seventy-three's the year that changed how money feels Energy shocks and rising costs, the old rules had to bend Remember nineteen seventy-three, where new economics begin [Outro] So when you hear of regime breaks and economic shifts Remember when the anchor broke and left us all adrift Nineteen seventy-three's the key, the year the old world fell A story every student needs to know and tell so well
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