President Jimmy Carter invoked an embargo on all farm exports, stopping all farm products being shipped overseas. In 1972 the Soviet Union negotiated multiyear contracts for wheat and feed grains, causing the price of wheat to double and corn to triple in the next couple of years. These are the same farmers that had borrowed heavily to increase production that was no longer needed. In the mid 70s farmland was being bought up at alarming rates at high costs. Farmers were willing to make a smaller profit in order to be a land baron. New investors were entering the market and running the prices up. “The decade of the 1980’s saw a dramatic shift in the capital structure of American Agriculture and the ownership of its assets. A massive accumulation of farm debt in the 1970’s ran head on into an unfavorable economic climate and incredibly high interest rates in the ...
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...ew he had a good economic plan and started his address out strong by saying that he was willing to “share in restoring the promise that is offered to every citizen by this, the last, best hope of man on Earth.” He painted a very grim picture of a nation in trouble, but he did not blame the citizens of the United States. Instead he put the blame on the government and all of it cumbersome regulations. The tone throughout the whole address was of encouragement. He ended his speech with telling the people of this nation that “We don’t have an option of living with inflation and its attendant tragedy, millions of productive people willing and able to work but unable to find a buyer for their work in the job market.” He knew it wouldn’t happen overnight, but knew that the people were watching and waiting for change and together they could rebuild this wonderful nation.
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