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Stagflation was caused because the OPEC countries wanted more money for their crude oil.  The only proper response would have been to embark on a large scale industrial project to make the economy less dependent on oil.  Jimmy Carter had actually started this process.  And it would have worked.

Instead, with the high interest rates that came because of Volker and his merry band of idiots, a conversion to a non-oil based economy became impossible because the industrial system that could have made it possible was systematically destroyed.

And we won't even mention the millions of people whose lives were utterly destroyed by the neoliberalism he helped usher in.

P.S.  I AM flattered you read my book.  I cover this subject in detail in Chapter Six.  I would change a few paragraphs since I first wrote them, but the essential thrust is still the same.  And by golly, we are STILL refusing to come to grips with our economic addiction to oil.

"Remember the I35W bridge--who needs terrorists when there are Republicans"

by techno (reply@elegant-technology.com) on Tue Dec 4th, 2007 at 03:30:34 PM EST
[ Parent ]
Actually, can you get me a dead tree version? HTML and PDF are nice, but I'm old-fashined like that.

We have met the enemy, and he is us — Pogo
by Migeru (migeru at eurotrib dot com) on Tue Dec 4th, 2007 at 03:43:33 PM EST
[ Parent ]
Don't blame OPEC: the oil crisis was enabled by the Oil Peak in the lower 50 states as Texas lost the ability to fix price by increasing output sufficiently.

We have met the enemy, and he is us — Pogo
by Migeru (migeru at eurotrib dot com) on Tue Dec 4th, 2007 at 03:45:23 PM EST
[ Parent ]

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