Saturday, January 10, 2009

Problem Solved all that is Missing is the Mission.

As a wee lad I knew they had us by the short hairs. However we the people allowed them to control the market and the environment. We do need to become independent from this madness, we created the madness, all we have to do is create alternatives. We had the Manhattan project, we beat the man to the moon, what we need is to pool our minds together and solve this political problem with a solution not an agenda.

The 1973 oil crisis started on October 15, 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC (consisting of the Arab members of OPEC plus Egypt and Syria) proclaimed an oil embargo "in response to the U.S. decision to re-supply the Israeli military during the Yom Kippur war."[1] OAPEC declared it would no longer ship oil to the United States and other countries if they supported Israel in the conflict. Independently, OPEC members agreed to use their leverage over the world price-setting mechanism for oil in order to stabilize their real incomes by raising world oil prices. This action followed several years of steep income declines after the end of Bretton Woods, as well as the recent failure of negotiations with the "Seven Sisters" earlier in the month.

For the most part, industrialized economies relied on crude oil and OPEC was their predominant supplier. Because of the dramatic inflation experienced during this period, a popular economic theory has been that these price increases were to blame, as being suppressive of economic activity. However, the causality stated by this theory is often questioned.[2] The targeted countries responded with a wide variety of new, and mostly permanent, initiatives to contain their further dependency. The 1973 "oil price shock", along with the 1973–1974 stock market crash, have been regarded as the first event since the Great Depression to have a persistent economic effect.[3]


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