Source:ABC News– U.S. Secretary of State Cyrus Vance.
“The very first broadcast of ABC World News Tonight on July 10, 1978 with Max Robinson in Chicago, Frank Reynolds in Washington, and Peter Jennings in London.
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From Sanjay Iyer
The economy was probably the biggest story of 1978, because that’s when it went down hill and didn’t come back until late 1983. With high unemployment, high interest rates, high inflation, and energy shortage and a recession in 1979-80 and all these things started in 1978. It was called the Great Deflation that started with the 1973 oil embargo that led to energy shortages. America was getting out of Vietnam and jobs were no longer being created from that war. Economic growth slowing down, unemployment going up. As well as the Federal budget deficit, interest rates and inflation. Even if the economy looked solid in January, of 78 with fairly low unemployment that was about to change very quickly by the spring that year.
The Soviet Union of Russia was feeling very strong as far as it’s military and energy power in the late 1970s. And when a huge, powerful, police state, especially a superpower like Russia, feels strong, it tends to behave very badly, like with the way it treats it’s own people, especially people who don’t like their regime, like Jewish-Russian Natan Sharansky. He was literally put on trial in Russia for speaking out against the Soviet State in Russia.
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