A monetary regime change

This echoes another lesson from the past. Milton Friedman, Anna Schwartz, Allan Meltzer, and Karl Brunner all concluded, likewise, that very low interest rates during the 1930s accompanied, and indeed were the product of, monetary policy that was consistently too restrictive. 

Banks too restrictive really means banks restructuring and knew ledger systems not in place.   We were headed straight into national mass marketing of bank services,something new and not something supported by the gold standard.  It was like everyone suddenly realized that digital currencies were the new money technology.

The same thing happened at he Nixon shock, we adopted market based FX clearing, dropping the newly installed gold standard. It took years for the holders of gold to set up investment paths.