Lessons from 1974?

amcluesent

I was in short-trousers and pulling girls pigtails back in 1974, but every economic ill looks to be coming around again.

Inflation
Oil shortages
Industrial unrest
Public sector wage freeze
Weak government
Slumping £

I could go on, but the parallels are uncanny all pointing to stagflation.

The lesson learned from 1970s is don't bother slaving away in a public sector job, your standard of living will be in the toilet.

Last time, the profligate squandering of North Sea oil revenues kept the idle docile. That's gone now.

We've flogged off most of the family silver.

Britain is a country divided on race/faith grounds now.

FACT - I predict a riot!

1984ReturnsForReal_2

Don't get caught if you organise a break in.

ukcarper

Inflation 1975 25% that’s what I call inflation. Still I didn’t have to use my petrol vouchers .

MRSTITTLEMOUSE

ukcarper wrote: »

Inflation 1975 25% that’s what I call inflation. Still I didn’t have to use my petrol vouchers .

But we got through it and lived to tell the tale.
Yes it was awful,especially when food seemed to double in price over night but you just had to manage as there was no alternative.
Whatever happens this time around will be no different,we'll all get through it too even if the ride is'nt that comfortable.
We've got no choice afterall

Butterfly_Brain

You can thank the Bankers

CloudCuckooLand

Lessons? We don't learn from lessons. We ignore lessons. Don't care how relevant, or vague. We cannot be told anything. We, today, know best.

Batchy

its stagnation, growth of 2-3%, its quite specific...
3.4cpi... its hardly 25% is it?
Plus you need wage inflation, of which there is NONE... 1%+
the pound slumped over 2 years ago
The government is not weak, its a coalition, and most expect it to last, its votes go through
There is no industrial unrest, as there is no industry.
Striking BA workers, as they are the highest paid in the industry is hardly the end of the world
Paying for a student education rather than charging everyone else is hardly the end of the world
wot else, bins not being collected in brum... thats a shame, it was an accident waiting to happen, and compounded by the snow storms!
There is no oil shortage, its just costing more due to VAT and DUTY increases, as well as, OPEC reducing a little supply. There is plenty of oil, worry, when we have no cling film for the food... as food will perish fast and we will not survive without fresh veg of course.

diable

5 * leaded petrol at the pumps

Kohoutek

MRSTITTLEMOUSE wrote: »

Whatever happens this time around will be no different,we'll all get through it too even if the ride is'nt that comfortable.
We've got no choice afterall

It's precisely the opposite –!this time is completely different.

The oil shocks of 1973/1974 were caused by a temporary embargo by OPEC. Today's oil/food shock is caused by the fact that world oil production has not increased in any significant way for the last five years whilst demand for oil has rapidly increased and will continue to increase with the rise of the Eastern consumer. The reason supply hasn't increased is because that is physically not possible anymore, not in your lifetime, my lifetime or anyone's lifetime...

There were only 4 billion people on the Earth 1974, now there's 7 billion. Whilst world population has increased by 3 billion since 1974, we've used up an incalculably large quantity of finite natural resources...I'm afraid that restoring the status quo/business as usual/'normal' life is simply not possible.

Davesnave

ukcarper wrote: »

...........Still I didn’t have to use my petrol vouchers .

Yeah, I've still got mine. Must be worth a lot more now! :beer:

MRSTITTLEMOUSE

Kohoutek wrote: »

It's precisely the opposite –!this time is completely different.

The oil shocks of 1973/1974 were caused by a temporary embargo by OPEC. Today's oil/food shock is caused by the fact that world oil production has not increased in any significant way for the last five years whilst demand for oil has rapidly increased and will continue to increase with the rise of the Eastern consumer. The reason supply hasn't increased is because that is physically not possible anymore, not in your lifetime, my lifetime or anyone's lifetime...

There were only 4 billion people on the Earth 1974, now there's 7 billion. Whilst world population has increased by 3 billion since 1974, we've used up an incalculably large quantity of finite natural resources...I'm afraid that restoring the status quo/business as usual/'normal' life is simply not possible.

I was'nt talking about the reason why this is happening or the outcome.
I was merely stating that no matter what happens in the future we've just got to grin and bear it.
No point moaning about it afterall,we've got no choice :rotfl:.