[dave4420]

You sound like Harold Wilson.

I don't mean to suggest that the current American devaluation is as large as the UK's 1967 devaluation, at least so far. Just that your reasoning here is wrong: when your currency falls, that has a domestic inflationary effect precisely because your currency is worth less than before.

[neilwilson]

Was Bretton Woods in place in 1967? That's a fixed exchange rate system.

What might have happened in 1971 that changed the way thing worked overall?

[dave4420]

What has that got to do with this thread? A devaluation's a devaluation, whether you're forced into changing a fixed rate, or have it imposed on you by the markets.