The Importance of a Stop-Go Cycle

There is a credible case to be made for saying that if you were constantly devaluing your sterling relative to the dollar, it was kind of something wrong with you. And that's how it came to be perceived, especially in the 1960s, and especially here in Britain. But then we have several things happening. In the 60s, John F. Kennedy engages in a huge stimulus,. one of the biggest tax cuts in the US history. Linda Ben Johnson and the Great Society, a large expansion of welfare in the United States. The Vietnam War going on, which is causing really huge expenditures. You have a draft of all young men and they're getting sent off to Vietnam by the hundreds