I need to make some corrections to the previous post - as pointed out by Edmund in the comments. This gives a new interpretation to the graphs. My mistake in not digging deeper.
my mistake. The Industrial production index is a real index. So my conclusion of declining Industrial might was wrong.
However, what it does show is that real per capita production increased linearly, dropping only in the recessions, with the 2008-20010 drop being the steepest. See
Further, dividing by the price index, it shows that price rises contributed smaller and smaller amounts to increasing real per capita production.
In other words, prices are increasing exponentially while real production is increasing more or less linearly See
You can clearly see the inflationary 70's. So in summing, the graphs in the post show periods of inflation when the sharp declines occur - and of course they coincide with the oil shocks.
But the different growth rates of production and prices points to the need of increasing quantities of money. This can come endogenously through bank credit, or exogenously through government deficit spending. Endogenous money, because of the need to repay debt and interest, will cause instabilities in the system as shown by Minsky and Keen. Government deficit spending avoids that problem, and is much less likely to cause instability in the system.