[Verse 1] In seventy-three the golden framework cracked Bretton Woods collapsed, currencies detached Oil embargo struck, prices climbed the walls What seemed like simple shocks had different calls [Chorus] Institutions matter when the tremors hit Same earthquake, different outcomes split How we're organized determines the pain Inflation's memory, unemployment's chain The structures we build decide our fate When golden ages disintegrate [Verse 2] Canada and America faced identical stress But labor laws and banking systems blessed Or cursed each nation differently that year Same external shock, results unclear [Chorus] Institutions matter when the tremors hit Same earthquake, different outcomes split How we're organized determines the pain Inflation's memory, unemployment's chain The structures we build decide our fate When golden ages disintegrate [Verse 3] Wage bargaining, central bank design Price expectations cross the finish line Some countries trapped inflation for decades long Others broke the cycle, proved the textbooks wrong [Bridge] It's not the shock that seals your destiny It's how your institutions set you free Or bind you tight to yesterday's mistakes The framework difference is what it takes [Chorus] Institutions matter when the tremors hit Same earthquake, different outcomes split How we're organized determines the pain Inflation's memory, unemployment's chain The structures we build decide our fate When golden ages disintegrate [Outro] Seventy-three taught us what economists know Same storm, different harbors, different flow The lesson echoes through the decades clear Institutions shape what we revere and fear
← When the Golden Age Shattered | When the Golden Standard Shattered →