Among the many subjects I regret not taking in school is economics. I might have learned a thing or two, like the matter Kruggy brings up here–I had always taken it for granted that 1970s stagflation was caused by an inflationary policy caused by Lyndon Johnson’s spending on both Vietnam and the Great Society. If I’d maybe thought about this for more than a nanosecond back whenever I first heard it and decided it made sense, I might have seen the hand of OPEC in it–it’s kind of obvious, really. And then there was Nixon’s own inflationary policy running up to the ‘72 election, putting pressure on the Fed so that they “printed money like it was going out of style, wreaking havoc with global price stability and exacerbating worldwide inflation.”

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