The 1960s were thought to be years of endless prosperity. Few people thought that the boom would actually disappear. Europe began to adopt the credit system the United States had triggered, and individual credit cards, personal credit, and business debt grew astronomically. As the money supply grew faster, the product supply struggled to keep up. Production showed signs of difficulties and began to level off rather than climb, while the debt continued to accelerate.
Then, in the 1970s reality appeared. Worldwide, we began to suffer pollution because of the rapid industrialization that came about in the 1940s, 50s, and 60s. For the first time, shortages in basic commodities were apparent. Inflation, sparked by this rapid expansion of the money supply, became a critical statistic. More subsidies became necessary, with almost every major industry in the United States receiving government aid. Consequently, more new money was created to fund the subsidies. Foreign governments began to lack confidence in American currency and seek other security in international trade.