“We never heard the word inflation until tricky dick took us off the gold standard in ‘72.”
Inflation began showing up around 1960. It’s one reason why we ended silver coinage. It’s why there was a dual gold market during the ‘60s, with France redeeming its dollar holdings for gold. It’s why Nixon decided to scrap the Bretton Woods agreement, because otherwise France alone could have drained our entire gold supply.
The inflation following Nixon’s decision was just much, much larger and obvious to all of us. But it started in the last years of Eisenhower.
Pretending debt is money will continue to produce disastrous consequences...
I remember the latter and not so much the former but I’ll take your word for it without verification.
One has to wonder how defeated France acquired so many gold certificates?
I do recall that a ‘63 pickup was about 1200 and a ‘68 about 1800 or so. In ‘72 it was 2800 but for a much nicer truck with AC.