147 The Great Inflation - One Minute History

The Great Inflation was a period of significant economic turmoil following WWII, marked by rising inflation and unemployment. Inflation peaked at nearly 15% in 1980, and unemployment reached 11%. President Nixon's decision to halt the dollar-gold exchange further devalued the dollar. The 1973 OPEC oil embargo led to skyrocketing oil prices, causing a recession. This era of stagflation saw both inflation and unemployment rise, stunting economic growth.

What was the peak inflation rate in 1980?

What were the consequences of the Great Inflation on employment rates?

What significant action did President Nixon take in 1971 regarding the US dollar?

How did the oil embargo imposed by OPEC members affect oil prices?

Describe the economic conditions during the Great Inflation.