Economists are at this moment called upon to say how to extricate the free world from the serious threat of accelerating inflation which, it must be admitted, has been brought about by policies which the majority of economists recommended and even urged governments to pursue. We have indeed at the moment little cause for pride: as a profession we have made a mess of things. [Emphasis added.]
– F.A. Hayek, accepting the Nobel Economic Prize.
Related: “George Will: People Will Look Back On Fiscal Cliff Deal As Point When Liberalism Started Its Decline.”
I’d define it more as the point where the flywheel began to gather speed and accelerate downhill at an exponentially faster pace, but I concur with his general observation.