Hi, Can anyone enlighten me as to what caused the decade of inflation in the 70s? Obvs the gov raised interest rates in an effort to stem the issue, but what caused it originally and what made it persist? Looking at today's situation, I am convinced the gov needs to cause significant inflation to enable our ability to meet our federal obligations (SS, Med, etc) and to keep housing deflation from crushing the nation. However, I don't have a good sense as to whether they can actually accomplish this. Was inlfation caused purposely in the 70's, or was it an accident?