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The oil crisis coincided with US inflation, but was not the cause: https://www.investopedia.com/articles/economics/09/1970s-great-inflation.asp https://www.inv
by BurningFrog 4y ago
The oil crisis coincided with US inflation, but was not the cause:
https://www.investopedia.com/articles/economics/09/1970s-great-inflation.asp https://www.investopedia.com/articles/economics/09/1970s-gre...
TLDR quote:
> The Great Inflation was blamed on oil prices, currency speculators, greedy businessmen, and avaricious union leaders. However, it is clear that monetary policies that financed massive budget deficits and were supported by political leaders were the cause.
- pydry 4y agoYes, I know about Milton Friedman's quote that inflation is always and everywhere a monetary phenomenon. He was oh so very wrong about most things: https://evonomics.com/the-truth-about-inflation-why-milton-friedman-was-wrong-again/ https://evonomics.com/the-truth-about-inflation-why-milton-f...
- BurningFrog 4y agoThis would be interesting to discuss, but I just don't have the time... :(