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Autumn 1978 to Summer 1979

In: Inside the Bank of England

Author

Listed:
  • Graham Hacche
  • Christopher Taylor

Abstract

This was the year in which the Shah fell, and the Ayatollah Khomeini returned to preside over mounting chaos in Iran, which had the consequence of a world shortage of oil and a second oil crisis. It was the year in which Italy’s former prime minister Aldo Moro was assassinated; in the midst of yet further deepening of disorder in Italy, the shafts of intrigue were directed even at poor Paolo Baffi, Governor of the Banca d’Italia. (Hitherto the Bank of Italy had stood above the fray: now its Governor was accused by a high court of magistrates of technical improprieties in its investigation of some bank failure; none of us quite understood what.) It was the year when John Paul II was elected Pope. In the USA, President Carter could do nothing right; and late in the year he dismissed the entire Cabinet. As a result, Paul Volcker became Chairman of the Federal Reserve Board in place of William Miller, by whom no one had been impressed.

Suggested Citation

  • Graham Hacche & Christopher Taylor, 2013. "Autumn 1978 to Summer 1979," Palgrave Studies in Economic History, in: Graham Hacche & Christopher Taylor (ed.), Inside the Bank of England, chapter 4, pages 114-137, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-1-137-03231-7_5
    DOI: 10.1057/9781137032317_5
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