Fiasco

by Jack Anderson, James Boyd

Jack Anderson was an investigative journalist who broke major stories of the 1970s oil crisis. James Boyd contributed to many magazines. The "energy crisis" was created by collusion to justify higher oil prices. Big Oil does not want "energy independence" because they profit from scarcity even if higher oil prices lead to a recession. The Federal Reserve (a private cartel) devalued the US dollar in 1971; this caused the "inflation" that damaged the USA. That alone explains the tenfold rise in the price of oil and the economic distress. The authors concentrate on the price in dollars without referencing the lowered value. Higher oil prices transfer wealth to the oil-exporting nations and oil companies. Richard Nixon and Henry Kissinger were responsible for the oil catastrophe.

386 pages, Hardcover

First published January 1, 1983

Reviews

[Roger H · Rating 3 out of 5]

Interesting history preceding the oil crisis of the 70s. Intrigues between industry, and governments in the Middle East producing countries and in the US. How people can misread situations (and potential impact), often based on own personal biases.