To combat the ailing economy in the early '70s, president nixon took the u. s. off the

GOLD STANDARD thereby changing US dollars into a fiat based currency (In God We Trust ;) Oh, then he printered boat loads of dollar bills thinking more $ will equate to more tax revenue (supply side system) BUT then the Phillips & Laffer curves were blown apart proving - Yes Mr. President, Inflation and High Unemployment CAN both exist at the same time.