I'm pretty sure it started with Nixon, but yeah, Reagan cranked up the cash machine.

One of my favorite quotes on the subject:
"Although the gold standard could hardly be portrayed as having produced a period of price tranquility, it was the case that the price level in 1929 was not much different, on net, from what it had been in 1800." – Alan Greenspan, December 19, 2002
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Experience is a hard teacher because she gives the test first, the lesson afterwards.