I always try to remember that there have been 57 occurances of the US actually issuing real money into the economy and at any time the US cares to they can do so again. None of this having anything to do with gold, one of the more recent times of issuing real money was I believe 1971 when Nixon has the Treasury issue the $2 bill, using it as payroll direct to the military.

Inflation is a wage issue to the Fed and Dr. Galbraith is correct this has not been a problem since 1980, I think there's a income growth chart on this forum that shows that pretty clearly. The bottom 80% of the income earners in this country have experienced no inflation in their pay since 1979.