Originally Posted by
YAKflyer
Perhaps the biggest reason for the inflation of the 70's was taking the currency off the gold standard in 1971. Regardless, it was not a fun time if one (me) was buying a house or other large purchase that required financing. If we use history as a lesson (which too often our leaders fail to do) clearly printing money is a train wreck about to happen to the economy.
Absolutely true ... spending on the continued war and then the oil crisis and other things all played a part. Didn't buy my first house until 1982 ... 13% interest? I think. Actually came out ok on the house when sold the house 2 years later. Interesting times but certainly different challenges now.