Mark Blyth

And it was Reagan's famous morning in America.

And then after that, for a long period, we had pretty low inflation and pretty high growth. So the story of the 70s was, that's what happened. Government bad. Market's kind of good. Government can't be trusted. Spend too much money. Federal Reserve good, independent. Keep them away from the politicians. Push interest rates up. Crush the economy. Sorry, unemployment. But don't worry.

And then after that, for a long period, we had pretty low inflation and pretty high growth. So the story of the 70s was, that's what happened. Government bad. Market's kind of good. Government can't be trusted. Spend too much money. Federal Reserve good, independent. Keep them away from the politicians. Push interest rates up. Crush the economy. Sorry, unemployment. But don't worry.

And then after that, for a long period, we had pretty low inflation and pretty high growth. So the story of the 70s was, that's what happened. Government bad. Market's kind of good. Government can't be trusted. Spend too much money. Federal Reserve good, independent. Keep them away from the politicians. Push interest rates up. Crush the economy. Sorry, unemployment. But don't worry.

It'll only be two years, and then everything will be fine. That was the story. And everything is interpreted through that moment.

It'll only be two years, and then everything will be fine. That was the story. And everything is interpreted through that moment.

It'll only be two years, and then everything will be fine. That was the story. And everything is interpreted through that moment.

Exactly. I don't think it's totally wrong. I think it's incomplete.

Exactly. I don't think it's totally wrong. I think it's incomplete.

Exactly. I don't think it's totally wrong. I think it's incomplete.

What actually happened, if you go back to the 60s, you got half a million people in Vietnam, 2 million in support. Now add, for the first time in American history, women and minorities coming into the labor market at scale for the first time. You would think that that would be an increase in supply. Price would go down, right?

What actually happened, if you go back to the 60s, you got half a million people in Vietnam, 2 million in support. Now add, for the first time in American history, women and minorities coming into the labor market at scale for the first time. You would think that that would be an increase in supply. Price would go down, right?

What actually happened, if you go back to the 60s, you got half a million people in Vietnam, 2 million in support. Now add, for the first time in American history, women and minorities coming into the labor market at scale for the first time. You would think that that would be an increase in supply. Price would go down, right?

what they do is they all start becoming consumers. They start buying stuff with their wages, right? You see where this is going, right?

what they do is they all start becoming consumers. They start buying stuff with their wages, right? You see where this is going, right?

what they do is they all start becoming consumers. They start buying stuff with their wages, right? You see where this is going, right?

Big failed harvests, wheat harvests, Canada, the United States, USSR, as it was at that point in time. Global commodity prices start going up. 1973, in response to the Middle East war, OPEC jacks up oil prices from $4 a barrel to $16 a barrel. Given how oil dependent the US and all the other economies are at that point, we're all big manufacturing economies. This is what we call a supply shock.

Big failed harvests, wheat harvests, Canada, the United States, USSR, as it was at that point in time. Global commodity prices start going up. 1973, in response to the Middle East war, OPEC jacks up oil prices from $4 a barrel to $16 a barrel. Given how oil dependent the US and all the other economies are at that point, we're all big manufacturing economies. This is what we call a supply shock.

Big failed harvests, wheat harvests, Canada, the United States, USSR, as it was at that point in time. Global commodity prices start going up. 1973, in response to the Middle East war, OPEC jacks up oil prices from $4 a barrel to $16 a barrel. Given how oil dependent the US and all the other economies are at that point, we're all big manufacturing economies. This is what we call a supply shock.

somebody took supply off the market.