Personally I suspect it was from earlier than that. I think you can trace it back to Nixon at least who fully severed the dollar from gold and thus removed the last bit of restraint that countries had against the US from inflating too much or too quickly.
This was a huge hit that helped to spark runaway debts and inflation, to be sure.
But I'd go further back and say The Fed. It did more than anyone to give us the roaring 20's and the great depression.