A few years ago, Epicurious invited 50 people into their studios to attempt at cracking a walnut. The participants engaged a wide range of tools and devices—hammers, knives, mallets, meat tenderizers, screwdrivers, and fingers were all painstakingly employed to try to crack open these hard shells.
In mid-1979, oil prices more than doubled within twelve months. The forces that fed into the dangerous concoction that spawned the Energy Crisis included an exceptionally accommodative Federal Reserve that had kept rates low to combat a previous recession, a global surge in oil demand from a booming world economy, and a geopolitical conflict that drastically reduced oil output.
For the last year and a half, concerned about the US economy’s ability to sustain itself through a catastrophic pandemic, the Federal Reserve placed training wheels on the US monetary system that came in the form of a zero interest rate fed funds target and a quantitative easing (QE) program that involved the purchase of $120 billion of treasury and mortgage bonds monthly.