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Rapidly rising of oil prices create an inflationary spiral which rises interest rates, recession follows.
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president Richard Nixon announces his "new economic police" in an attempt to revive the economy and control inflation.
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inflation increases when president Richard Nixon lifts wage and price controls
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The congress holds hearing and expresses concerns about he consideration of the third world loans and the threat of the capital position of banks .Eight of the largest us banks owe 37 billion
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serval banks license a VISA
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inflation acceleration when when president jimmy carter places emphases on restoring economic growth instead of controlling inflation
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in order to avoid bankruptcy in late 1979 cyrsler had to be propped up by government loan guarantees