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.

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