- 12 Aug 2020 16:56
#15113057
---
Your alarmist line about inflation isn't supported by the facts -- inflation hasn't been an issue in the U.S. in recent decades, except for rising food prices, and actually most of the U.S. economy has been the *opposite* -- *deflationary* due to capitalism's dynamic of *overproduction*.
Your nationalist alarmism about inflation in the U.S. harkens back to the *oil crisis* in the '70s, due to rising demand for oil and the geopolitical Arab oil embargo:
Rugoz wrote:
You avoid inflation by not servicing your debt with money creation, for starters. You always treat inflation as an afterthought, when it's at the center of it, because it is (or should be) a measure of capacity utilization.
---
Your alarmist line about inflation isn't supported by the facts -- inflation hasn't been an issue in the U.S. in recent decades, except for rising food prices, and actually most of the U.S. economy has been the *opposite* -- *deflationary* due to capitalism's dynamic of *overproduction*.
Your nationalist alarmism about inflation in the U.S. harkens back to the *oil crisis* in the '70s, due to rising demand for oil and the geopolitical Arab oil embargo:
The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War.[1] The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974,[2] the price of oil had risen nearly 300%, from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy.[3] It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock".
https://en.wikipedia.org/wiki/1973_oil_crisis