In 1980 a series of large apparently engineered  increases in the global price of oil  led to the destabilisation of the global economy, particularly in debt-dependent third world nations.
The resultant inflationary-deflationary spiral (stagflation) ultimately contributed to vulnerability in the US national banking system,.
Of other notable significance was the issuance of extraordinarily large loans issued by big financial institutions to a very small number of individuals - the Hunt and Saudi royal family - for speculation in commodities. The US-dollar devalued quickly.
This situation prompted the Fed to take drastic action. It implemented a general credit squeeze throughout the domestic economy, which (in turn and along with the then usurious level of interest rates) led to a record quarterly economic decline. Transnational corporations evaded this squeeze, however, through their global back-channel loan operations.
The public were left largely unaware that the Fed’s credit squeeze and experiment with monetarism had actually failed to control the US money supply.