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Back in the 1970s there was a situation that came about due to the 350% to 400% increase of the oil price and in those days oil was far more critical than today though the basics are still in place.
Inflation rose far above interest rates the UK had 25% inflation with interest rates in the 7% to 8% range on an as-bad-as-it-gets scenario at its peak.
Australia's inflation peaked at 15.42% in 1974 and averaged over 10% for 9 years until 1983. Interest rate in 1974 was 8.38%. Interest rates averaged over 10% from 1974 to 1996.
[URL unfurl="true"]https://www.orangefinance.net.au/historical-interest-rates/[/URL]
[URL unfurl="true"]https://www.macrotrends.net/countries/AUS/australia/inflation-rate-cpi[/URL]

So we can see how disaster can befall and recovery takes very many years.

Today very many countries are hit with high gas prices increasing nearly as much as oil did in the 1970s.

Has the world learnt from all of this history. In a nutshell 'NO'! They never seem to realise that the basics are never different even if the basics are 50 years or more later. They are in fact Always the Same.

<blockquote data-quote="noirua" data-source="post: 1155257" data-attributes="member: 2893">Back in the 1970s there was a situation that came about due to the 350% to 400% increase of the oil price and in those days oil was far more critical than today though the basics are still in place.Inflation rose far above interest rates the UK had 25% inflation with interest rates in the 7% to 8% range on an as-bad-as-it-gets scenario at its peak.Australia&#039;s inflation peaked at 15.42% in 1974 and averaged over 10% for 9 years until 1983. Interest rate in 1974 was 8.38%.&nbsp; Interest rates averaged over 10% from 1974 to 1996.[URL unfurl=&quot;true&quot;]https://www.orangefinance.net.au/historical-interest-rates/[/URL][URL unfurl=&quot;true&quot;]https://www.macrotrends.net/countries/AUS/australia/inflation-rate-cpi[/URL]So we can see how disaster can befall and recovery takes very many years.Today very many countries are hit with high gas prices increasing nearly as much as oil did in the 1970s.Has the world learnt from all of this history. In a nutshell &#039;NO&#039;! They never seem to realise that the basics are never different even if the basics&nbsp; are 50 years or more later. They are in fact Always the Same.</blockquote>

[QUOTE="noirua, post: 1155257, member: 2893"] Back in the 1970s there was a situation that came about due to the 350% to 400% increase of the oil price and in those days oil was far more critical than today though the basics are still in place. Inflation rose far above interest rates the UK had 25% inflation with interest rates in the 7% to 8% range on an as-bad-as-it-gets scenario at its peak. Australia's inflation peaked at 15.42% in 1974 and averaged over 10% for 9 years until 1983. Interest rate in 1974 was 8.38%. Interest rates averaged over 10% from 1974 to 1996. [URL unfurl="true"]https://www.orangefinance.net.au/historical-interest-rates/[/URL] [URL unfurl="true"]https://www.macrotrends.net/countries/AUS/australia/inflation-rate-cpi[/URL] So we can see how disaster can befall and recovery takes very many years. Today very many countries are hit with high gas prices increasing nearly as much as oil did in the 1970s. Has the world learnt from all of this history. In a nutshell 'NO'! They never seem to realise that the basics are never different even if the basics are 50 years or more later. They are in fact Always the Same. [/QUOTE]

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