Turbulence Ahead in Civil Aviation

While we lucky Australians sweltered in our usual sun-drenched summer the invited guests to Boeing’s rollout of the 757 shivered in sub-zero temperatures and driving rain. Admittedly, January in Seattle is far from the balmiest of months yet the sight of such a promising airliner amidst the overcast and frigid rain provided an omen as to the gloom that is currently pervading the international airline market. Imagine going back exactly a decade in time to 1972 and learning what lay ahead in the next ten years! Enough to produce a rash of corporate suicides no less.

The OPEC oil embargo of ’73, the mind-boggling (at that time) oil price hikes, the recession that followed, the fall of the Shah of Iran rampant inflation internationally and currency fluctuations that made forward monetary planning well nigh useless, soaring precious metal prices and finally another. . . recession!

And yet through this extremely turbulent decade, the system has survived, albeit on crutches but survived all the same.

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