Peak Oil is You

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Page added on February 26, 2009

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Inflation: the hidden factor behind the downturn

…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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