Been reading and the comparing the situation in the 1970s, the situation now at hand. It seems to me like there's a lot of similarities in today's economic problems and back then. I am talking about the 1973 oil crisis and the stagflation of the 1970s. Today there is another oil crisis as speculation has pushed oil up to 135. Inflation has also increase with upward prices of commodities, like food, gold, etc. Unemployment numbers are up to 5.5%, although not as high as the 12% unemployment rate in the 1970's. It's not as bad today, as it has been in 1970s. There was rationing of gas, price controls, and overall conservation by everyone. High price oil is again reviving interest in alternative fuel sources. Also noting that the Vietnam war ended in 1975. And the U.S helped Israel in the
Yom Kippur War(conflict in the Middle East), while the current conflict is in Iraq.
Those who cannot learn from history are bound to repeat it.
References:
Wikipedia