[patrickg_zill]

It was baked into the cake with the creation of the Federal Reserve. The government act that created it was passed right at Christmas time when public attention was low. 1913.

[cloakandswagger]

Not surprisingly, the same year that income tax was added to the Constitution. That was when economics transformed into the system that we consider normal today: perpetual slavery to a debt that can never be paid off.

All of the events that came after (the boom/bust cycle, abolition of the gold standard) were a natural result of that decision.

[patrickg_zill]

Good point. In all cases I am aware of, introduction of a fiat currency requires income taxes, in order to "prime the pump" to create demand for the fiat.

[redblacktree]

I pay all of my other taxes in USD as well.

[ticviking]

I don't disagree with your first paragraph, but boom/bust cycles existed before fiat money.

[AnimalMuppet]

Arguably, the Fed has reduced the severity of that cycle (with the 1930s being the notable exception).