I don't think $10 gasoline would cause a ..."zombie apocalypse" level perturbation, but it would doubtless be bad.
I, perhaps surprisingly, agree wholeheartedly with your pet theory.
I have also read more than one (monetarist) economist who holds your pet theory, with a few modifications - the oil price spike was interpreted by the Fed as inflation so they did nothing to ease the money supply, worsening ( or some say starting) the whole shebang.
I don't think $10 gasoline would cause a ..."zombie apocalypse" level perturbation, but it would doubtless be bad.
I, perhaps surprisingly, agree wholeheartedly with your pet theory.
I have also read more than one (monetarist) economist who holds your pet theory, with a few modifications - the oil price spike was interpreted by the Fed as inflation so they did nothing to ease the money supply, worsening ( or some say starting) the whole shebang.