Word: oils
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Dates: during 1970-1979
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...standard of living, however, can crumble in different ways. Volcker's chosen poison is to take up inflation's slack by letting prices and business production outstrip the consumer's buying power. As Andrew Tobias has pointed out, though, the U.S. pays $65 billion annually to foreign oil producers, and that by far should be the chief target of any anti-inflationary program. Let the "living standard" that has Americans riding mammoth cars and wasting electricity fall, not the standard that keeps food on their tables and money in their savings accounts...
...cent of Americans believe inflation is the country's worst problem. Another 20 per cent say energy is the biggest problem. For so many people to sunder the two issues--and for the Times to go along--is appalling, as though you could separate the political problems of oil and gasoline from their price per barrel and gallon...
...should people understand that inflation and oil prices are bound up when their top economic officials and their media economists, like Newsweek's Friedman, tell them they aren't? Volcker's path leads to economic chaos, not because economists don't understand how it will work, but because it ignores principles even non-economists can understand...
Thirdly, the U.S. has clearcut strategic amd military reasons to remain committed to Israel--it needs a listening post in the Middle East and a military post in its oil route, the Persian Gulf...
...doubt Connally will continue his polemic on the Israel-oil connection. Connally must be praying for a cold winter so he can remind us how warm we would be with a fresh supply of Arab oil in our furnaces. But resting our hopes for an energy solution on OPEC is illusory and will invite further blackmail from the cartel. The U.S. should reaffirm its commitment to Israel and ignore Connally's easy answer...