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Period: to
1970's
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President Nixon Invades Cambodia
President Nixon ordered the invasion of cambodia exacerbating the vietnam war. U.S. University campuses went on strike and 4 student were shot by national guard at a kent state protest. The gap of trust between the people and government was widened affecting consumer confidence heavily. -
U.S. Bombs North Vietnam After Negotiations Break Down
After negotiations of peace broke down President Nixon proclaimed the bombing campaign of vietnam. We bombed vietnam for almost two straight weeks. After heavy losses on vietnams side we continued talking and eventually the peace treaty was signed. -
President Nixon's "New Economic Policy"
In an attempt to rejuvenate the economy and balance inflation. for the purpose of increasing the demand for U.S. goods in foreign markets, President Nixon makes the dollar less valuable and ends the gold convertibility of the dollar. This allows the dollar's price to float on world markets. -
The Watergate Scandal
It started with a robbery of the Democratic National Committee and wiretapping of the phones and once the perpetrators were caught it was found that they were connected to the reelection committee of nixon. -
OPEC Oil Embargo
In 1973 OPEC inforced a oil embargo on the U.S. because we were supplying israel as the war was ongoing. this banned the exportation of oil and took a big chunk out of oil production in the U.S. When this embargo hit it raised the inflation of oil prices drastically. -
Impeachment of nixon
After people found out about how nixon had connections to the watergate scandal he tried to cover it up but couldn't and ended up resigning himself out of the white house. -
Trade deficit ballooning
eventually after 1970 oil prices started to inflate at unforeseen rates and eventually our trade deficit was increasing by 30$ billion a year and was predicted to reach 100$ billion by the 1980's. -
Jimmy Carter elected
When jimmy carter was elected he made an amicable relationship with china and was on the road of friendship with israel but after a hostage situation with iran negotiations of peace broke down. also during his time in presidency inflation was skyrocketing as well as unemployment. -
The Iranian Revolution
The iranian revolution occurs and the oil prices worldwide skyrocket to new heights never seen before. this also raises inflation. -
America signs the nuclear proliferation pact
the nuclear proliferation pact was signed by america and 14 other countries, it is a pact to slow or stop the production and furtherment of nuclear weapon's and technology excluding nuclear power plants and much needed power sources made from nuclear components the reason this is a economic event is because the market for nuclear weapons tanked as well as it could have led to a shortage of nuclear energy.