The difference is we no longer have any wiggle room. The financial consequences might be similar but the ecological consequences are likely catastrophic.

No matter how bad things were in the 70s (and that's really relative to America and the west, because things were truly awful in many parts of the world back then), these issues - recession, inflation, supply-chain - will accelerate because production has become global.

Ie

Yes, it's like the 70s, but for the entire world, not just America. And America vaulted itself out of the 70s through free-market policies and a doctrine of economic growth. These policies, applied to today, would kill large numbers of human beings given the environmental situation.

Naturally, these are the policies our governments are pursuing.

We can't hide from it. We can't spend our way out of it. The US and Canada fought their way out of the energy crisis through industrial power and through finding alternative sources of fossil-fuel energy that were previously too expensive to extract.

The resources that saved us then are the resources killing us now.