33._The_Second_Oil_Price_Shock_F09

33._The_Second_Oil_Price_Shock_F09 - 33. TheGreatPanic 1...

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1 33. The Second Oil Price Shock: The Great Panic
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2 Major Themes Emergence of revolutionary regime in  Iran - ushered in state sponsored  terrorism funded by oil revenues America once again paralyzed by oil  dependency Serious talk of $100 oil The supply shock was seeding its own  destruction - expectations vs. reality
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3 Iran Revolts, Doing the 40-40 The enormous amount of money flowing into  Iran caused inflation, waste  and corruption. Much of Iran began to resent modernization,  and instead preferred traditional Islamic  teachings. This played directly into the interests of   Ayatollah Khomeini. 40-40 cycle: demonstrations, deaths, 40-day  mourning; new demonstrations, more deaths  and cycle continues
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4 The Ayatollah Khomeini was a  conservative Islamic --  hated the Shah and the  United States. Khomeini attracted a large  following, dividing the  country along religious and  political lines. Violent demonstrations and  terrorist acts followed in the  late 70’s.
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5 The Sick Shah The US government believed the Shah would be able 
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33._The_Second_Oil_Price_Shock_F09 - 33. TheGreatPanic 1...

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