[Verse 1]
Nineteen seventy-one, Nixon closed the gold window tight
Dollar floating free, Bretton Woods lost its fight
Triffin's dilemma clear, can't serve two masters well
Print money for the world or keep gold promise to tell
[Chorus]
Timeline connection, cause and effect in motion
Monetary change leads to price emotion
Oil shocks hit hard, expectations rise
Stagflation born from supply's demise
Seventy-one to seventy-five, the regime break alive
[Verse 2]
OPEC struck in seventy-three, oil prices climbed so high
Negative supply shock made the inflation fly
Productivity slowed down, wages couldn't keep the pace
Policy makers trapped between unemployment and price chase
[Chorus]
Timeline connection, cause and effect in motion
Monetary change leads to price emotion
Oil shocks hit hard, expectations rise
Stagflation born from supply's demise
Seventy-one to seventy-five, the regime break alive
[Verse 3]
Canada caught between the US spillover tide
Floating exchange rates, commodity prices ride
Alberta's black gold flowing, royalties versus take
Gross basis, net basis, which measurement to make
[Bridge]
Pre-payout, post-payout, profit sharing schemes
Total government take, more than what it seems
Who benefited most? Check your time window clear
Counterfactuals matter, make the picture crystal clear
[Verse 4]
Domestic goals conflicted with defending the peg
Political economy made the old system beg
Expectations anchored to the inflationary trend
Institutions and constraints made the stagflation blend
[Chorus]
Timeline connection, cause and effect in motion
Monetary change leads to price emotion
Oil shocks hit hard, expectations rise
Stagflation born from supply's demise
Seventy-one to seventy-five, the regime break alive
[Outro]
Build your causal timeline, link each piece with care
Monetary, oil, inflation, productivity's share
Policy response and distribution, see the pattern grow
Seventy-three regime break, now you're in the know