The Great Inflation was also the result of war. The government was financing the Viet Nam "conflict" just as it had financed previous wars. Adding to the problem was the "Great Society" social spending programs of the Johnson Administration. Like an addictive drug, politicians could not stop spending even after we had left Viet Nam. That of course is FISCAL policy, upon which the author barely touches. Current fiscal policy will add to the current inflation. Financing the March 2021 "American Rescue Plan" added $1.9 trillion in liquidity at a time when it was not needed; the economy grew at a 4.1% clip in the fourth quarter of 2020 as it rapidly climbed out of the pandemic. The $1.1 trillion slimmed down "Build Back better" program being passed by congress now will make the Fed's job only more difficult.