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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (34080)10/17/1998 1:29:00 AM
From: Merritt  Read Replies (1) of 132070
 
MB:

In your post to J.C. you referred to stagflation, and in an earlier post you referred to the Republicans causing the problems of the 70's. The stagflation of the 70's, IMO, was caused by Johnson's "war on poverty" program being conducted at the same time as the war in Viet Nam. Those two things resulted in Nixon taking the dollar off the international gold standard, which in turn, caused OPEC to raise prices by curtailing production. At least that's my interpretation. In today's world, we have the Japanese, and maybe others, selling dollars and causing it to weaken. With already low oil prices, what do you think the chances are of OPEC getting together and doing what they did in the 70's?

Best, Merritt
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