World History in 1978

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…oil-producing countries raised their prices by 14.5 %. This pushed the rate of inflation in the U.S. to eight percent and depressed the value of the dollar. In fact, through 1978, the value of the U.S. dollar created an almost insoluble dilemma not only for the U.S. but the entire Western world. Most of the blame was placed on President Carter and his inexperience. However, President Carter initiated an anti-inflation policy ( Phase II ) in October.