Agent23
Ни шагу назад!
What they are supposed to do and what ends up happening are two different things.The Federal Reserve controls the US money printer and "stable prices" is part of what they're required to do. They don't have any control over oil prices but they do have a great deal of influence on the interest rate you'll pay when you need to borrow money to buy something like a car or a house.
LBJ's massive spending that continued under Nixon, who also removed the gold peg, drove inflation further.
The chairman of the federal reserve back then was very accommodating and basically dropped the ball.
While there can be other causes, most of the time inflation is a monetary phenomenon.
The Great Inflation of the 1970s
We also got the same thing ramping up in the here and now, and the US dollar is the main currency used for international trade, however the size of debt is far, far bigger and the USA has far more unfunded liabilities on all levels, also you are responsible for far less of the global productive capacity now than you were back in the day.