Richard Nixon imposed wage/price controls in August of 1971 thereby
fostering shortages and inflationary expectations. He then bungled
relations with OPEC and IRAN causing a series of supply-side oil shocks.
It was Gerald Ford who gave us the WIN (Whip Inflation Now) buttons
as the economy spiraled out of

Nixon made also a capital mistake and scrapped Bretton Woods.
That was a serious blow to the plans of Global Financial Power so Nixon had to
pay the price.