sayiatheime of accordats easyoney policy may ha been appropateinepressioyears,buwas longeappropateeconomyshowing ni inflationa tenies was also serving noce thatonetary policy mighnot beso weak a olas oe imagined we worked for two centuries to climb this peak of prosperity, but we're only at the beginning of the road to the great society. great society notwithstanding, there was also the matter of fighting a little war in a place called vietnam. this is the memorial tohat war, an undeclared war whose full cost was kept secret even fm the president's own economic advisers. it posed a chaenge r the fed. could mone policy alone harness the runaway inflation caused byguns-and-butter spending? a guns-and-butter war meant we would try fighng abroad without any majosacrifice of social programs at home. waspending spurred the economy even higher. factories reached full capacity. labor was inemand and could command higher wages. here were sown the seeds of inflation. i eve we can continuehe greatociety while we fight in vietnam. the military chiefs were asking for more money yet president johnson rejected a tax increase. we a