Yes, it goes back to the Eisenhower years when the party decided to accept the New Deal reforms and just spend the money at a lesser rate. Nixon, the bete noir of the Liberals was actually a liberal spender. His cutting loose from gold set the stage of the economic events of the late ‘70s.
And much that is going on today. No infinite capacity to print money, no giant government, no trillion dollar defict and no $100 Trillion in debt and unfunded mandates.
40 years is a good run for a pure fiat currency. Most don't make it that long.