This speech resonates today's economic woes. "We must Whip Inflation Right Now." from Gerald Ford, 1974.
"A stable American economy cannot be sustained if the world's economy is in chaos. International cooperation is absolutely essential and vital. But while we seek agreements with other nations, let us put our own economic house in order. Today, I have identified 10 areas for our joint action, the executive and the legislative branches of our Government.
Number one: food. America is the world's champion producer of food. Food prices and petroleum prices in the United States are primary inflationary factors. America today partially depends on foreign sources for petroleum, but we can grow more than enough food for ourselves.
To halt higher food prices, we must produce more food, and I call upon every farmer to produce to full capacity. And I say to you and to the farmers, they have done a magnificent job in the past, and we should be eternally grateful.
This Government, however, will do all in its power to assure him--that farmer--he can sell his entire yield at reasonable prices. Accordingly, I ask the Congress to remove all remaining acreage limitations on rice, peanuts, and cotton.
I also assure America's farmers here and now that I will allocate all the fuel and ask authority to allocate all the fertilizer they need to do this essential job.
Agricultural marketing orders and other Federal regulations are being reviewed to eliminate or modify those responsible for inflated prices."
So what is the US doing to "Whip Inflation" today? Farmers are hoarding food speculating that higher prices will be coming soon. Higher prices are coming due to scarcity of foods. And the US, as the world's "champion producer of food" is turning that food into petroleum.
It has been over 34 years since this speech, and the cycle has returned in spades. Even the players are the same.