Everything you said is exactly right. That is the reason they did it. But there is a bigger picture here that is a very new thing- globalization. You got oil running because of world demand, not US booming demand. You got gold running because of too many things to list here.
So, in the end this might be a good thing for the US. But the risks taken to do this are immense. If the theory of a falling dollar leading to bigtime inflation due to the now huge buying power foreigners have for US stuff (foriegn money worth more than us dollars, so they now have 20% more buying power + for us goods), this could force the Fed to raise rates again at possibly an even worse time. It really could end up being the 1970s again.
The good thing though about Volker jaming rates up back then to what? 14% fed funds? was that it just ended that whole cycle with a big exclamation point. That then led to 25 years of prosperity.
BTW - MRVL = POS! At least so far as I watch it here, it's making the first higher high/higher low in a week.