Merritt, The problems of the 70s happened after Tricky Dick had been in office nearly 6 years. Johnson's guns and butter policy was awful, but TD had more than enough opportunity to see the writing on the wall and do something that did not involve burglary. At least Jerry Ford created WIN (Whip Inflation Now) buttons and put Alan Greenspan in charge of their distribution. <G>
Who created a problem is important. But who did nothing to make it better when it became obvious is the right wing way of life.
Also, there is an old saying in the military: if it happens on your watch, you are responsible. I have never quite believed that, but since right wingers are willing to give Ronnie Babe Reagan credit for winning the Cold War and ignoring all the folks who fought in Korea, airlifted supplies to Berlin, turned the missile boats around in Cuban waters, etc., then they can take all the recessions and depressions that happened on their watch.
I figured Nixon only took gold off a fixed rate after he had bought futures. We know he sold wheat for nada to the Russians after he bought wheat futures. I was short wheat at the time and highly ticked off. One of my happiest moments happened a few years later when Secty. of Agriculture Earl Butz went to prison. But Tricky had a pardon and still serves as a model for The Hillary Clinton School of Futures Speculation. <G> As the saying goes, when you shake hands with a Republican, keep your eye on your wristwatch. <G>
The dollar is weak because of AG's credit policies. It cannot remain strong forever while credit is so easy. Just like DRAM chips, dollars can be in a glut. Wish I had more of them glutting over here <G>.
I would say there is little chance of Opec getting together. There is much better chance of wars cutting off production, of dollar weakness raising prices of oil in dollars, and an environmental disaster curtailing significant production.
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