Page added on February 26, 2009
…I’m not arguing that banks and debt weren’t critical, far from it, but I wonder if we’ve forgotten something: inflation.
What makes me think so is a striking parallel with an earlier crisis in the 1970s.
The seventies were defined by economic chaos in the wake of two oil-price shocks.
The price first doubled then doubled again.
Developed economies reeled.
The very words “oil-price shock” became shorthand for an economic upheaval in the same way that “credit crunch” has today.
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