Isn't it about the increase in debt? Taking on debt creates money. In the 70's Nixon let loose on the constraints to increased government debt, creating governm

Isn't it about the increase in debt? Taking on debt creates money. In the 70's Nixon let loose on the constraints to increased government debt, creating government driven inflation. Workers then had more power to demand higher wages and had low personal debt so could take on a lot more, creating consumer inflation. Now everyone enters adulthood up to their eyesballs in debt already so they can't take more on. The only way to create more debt to maintain the game is to inflate asset prices so more debt is created for the same assets.