[EMAIL PROTECTED] 07/12/04 5:42 PM
For some inexplicable reason I am cyber-debating some American social
democrat. He insists that the 1974-75 oil shock caused the US recession
and (implicitly) US decline from hegemony and the good days. We three
all disagree with each other on many questions
The Federal Reserve began raising interest rates in 1972 - gently at
first, but more aggressively in 1973. The fed funds rate broke 10% in
July 1973 for the first time ever. Inflation had been rising - from
under 3% in mid-1972 to 6% a year later - and the monthly inflation
rate was hitting an
For some inexplicable reason I am cyber-debating some American social
democrat. He insists that the 1974-75 oil shock caused the US recession
and (implicitly) US decline from hegemony and the good days. We three
all disagree with each other on many questions but I *think* that we all
agree that
