Are we returning to the 1970s, as several commentators have recently claimed? There are surprising similarities.
The humiliating withdrawal from Afghanistan echoes the U.S. defeat in Vietnam. Prices are rising even as economic growth is stalling. Back then, the rising economic power challenging American superiority was Japan; now it’s China.
On closer examination, most of these analogies turn out to be superficial. But there is one where the parallels are striking, and that should worry the Biden administration greatly. We are headed for a global energy crisis.