Funding a massive war effort (Vietnam) while spending freely on welfare programs (Guns and Butter) wasn't sustainable. A few short years later, the country was

Funding a massive war effort (Vietnam) while spending freely on welfare programs (Guns and Butter) wasn't sustainable. A few short years later, the country was taken off the gold standard due to its recklessness. The effects of that action reverberate today in the trade war and blooming currency war. During the 1970s, the US experienced a surge of inflation that wreaked havoc with the economy. Many countries you allude to are in dire shape - especially Europe. They pay next to nothing (compared to US) in defense and a few have been richly endowed with oil reserves. Their economies have been teetering on recession for years and now are in the unenviable position of facing negative interest rates heading into recession.