Confessions of an Economic Hit Man, 3rd Edition, 3rd Edition

16Entering a New and Sinister Period in Economic History

As chief economist, I not only was in charge of a department at MAIN and responsible for the studies we carried out around the globe, but also was expected to be conversant with current economic trends and theories. The early 1970s were a time of major shifts in international economics.

During the 1960s, a group of countries had formed OPEC, the cartel of oil-producing nations, largely in response to the power of the big refining companies. Iran was also a major factor. Even though the shah owed his position and possibly his life to the United States’ clandestine intervention during the Mossadegh struggle—or perhaps because of that fact—he was acutely aware that the tables could be turned ...