[RobbyS]

Yes, it began with LBJ’s guns and butter approach. Trying to run the war in Vietnam and his Great Society at the same time. By the Spring of 1968. we had run out of money. It was the looming liquidity crisis which, more than the Tet debacle, that persuaded Johnson not to send more troops to Asia. Seeing the hand-writing on the wall, he bailed out, and left the mess to Nixon. Nixon had the choice of suddenly abandoning the South Vietnamese and beginning a withdrawal.But he also did little to slow the social spending, and so he had to abandon the existing currency arrangement that been in effect since 1945. Since then we have been dealing with fiat money.

[GeronL]

we have been dealing with fiat money since the Bank of the United States

[sand88]

and so he had to abandon the existing currency arrangement that been in effect since 1945

Yep, Nixon took us out of Bretton Woods in 71. Nixon's policies were hard-core Statist. Nixon believed first in government.

Liberty and limited government were as much an anathema to Nixon as any far-left Rat today.

Thanks a lot Nixon for your stupid EPA idea. I despise 99.9999 % of all politicians. They are mostly scum of the Earth. Reagan was the only Constitutional respecting President in the past 80 years.