I should have mentioned that LBJ’s wars, and his refusal to increase taxes to fund them, set the stage for the post Breton Woods inflation. But until Nixon abandoned Breton Woods and the dollar collapsed, that inflation was hidden. After 1973, it became quite public. I believe, all things considered, 1969 was the peak year for the US economy.

Alas, this occurred almost in tandem with the death of postwar American industrial dominance. Germany and Japan asserted themselves. The Rust Belt began to blossom. Later, Clinton would sign the death warrant.

I agree with both of you about taxation. The Fed is nothing more than a collection of Alchemists who are allowed to create money from nothing, and make money for creating it. Historically, the creation of fiat money, basically a Ponzi scheme, never ends well. I doubt it will this time.