It has often been said that history repeats itself. Some of you folks will be too young to remember, but events of the past few months sure make it feel like 1979 all over again to me. Let's take a little trip down memory lane and compare the similarities.

Do you ever feel like something is wrong with you because you don't own a pile of gold? It's hard to watch television these days without seeing an advertisement for the shiny yellow metal, and the price continues to climb. Back in 1979 gold doubled in price that year and people were just as fired up, with traveling shows and jewelers offering to pay top dollar for your coins, class rings, and old dental work. Sound familiar?

Would you believe that in 1979 the United States government had a short-term debt default? The problem was quickly addressed and the issue became a tiny footnote in our nation's history, but how ironic that for the past several weeks a pending national debt default has dominated the news. Also the European Monetary System began in 1979 and now in 2011 the European financial system is on the verge of collapse.

Back in 1979 global financier and investor George Soros started the Open Society Fund, which he used to manipulate governments and push a liberal agenda while enriching himself. Today Soros' Open Society is back in the news as he uses it to attack conservatives in the United States and around the world, while enriching himself.

Just like what we're currently seeing, U.S. stock market averages in 1979 were not good as the Dow had been on a steady decline for about three years and had rebounded slightly, but experienced several hiccups. Just like this year, oil prices in 1979 climbed causing a serious energy crisis for the U.S. that further dampened our economy.

One cause of the 1979 oil problems was the takeover of Iran by Islamic extremists, as Ayatollah Khomeini returned from a fifteen-year exile. Khomeini began referring to the United States as the Great Satan. The Iranian hostage crisis began in November of 1979 as 53 Americans were seized. Of course today Iran is the biggest threat to stability in the Middle East and something about that "Satan" line rings a bell.

Let's not forget Afghanistan. In 1979 Muslim extremists in Kabul kidnapped the American ambassador, who later died in a gun battle between the kidnappers and police. Later that year President Jimmy Carter signed the first order for the U.S. to supply Afghan rebels with secret military supplies to fight pro-Soviet forces.

On the diplomatic front in 1979 President Carter used the weight of U.S. power to force Israel and Egypt to sign a peace treaty. In 2011 the Obama administration is doing the same thing to once again force Israel to give up land and make huge concessions to reach a peace deal with the Palestinians. Meanwhile a revolution in Egypt this spring has severely strained Israeli/Egyptian relations for the first time since 1979.

Earlier this year a new nuclear weapons reduction treaty between the U.S. and Russia went into effect. In 1979 U.S. President Jimmy Carter and Soviet President Leonid Brezhnev signed the SALT II nuclear weapons reduction treaty.

In 1979 the United States experienced its worst nuclear power plant accident, Three Mile Island. Nine new nuclear reactors began operation in 1979, but the Three Mile Island problems resulted in the cancellation of the construction of 11 more plants. No more nuclear plants were built in the U.S. during the 20th century. In March of this year an earthquake and resulting tsunami cause Japan's worst nuclear accident as power plants are damaged. Around the world numerous nuclear plant construction projects were cancelled or postponed, and some nations announced they would phase out existing plants.

On March 25, 1979 the first U.S. space shuttle, the Columbia, was delivered to the John F. Kennedy Space Center to be prepped for its maiden flight. Of course just a few weeks ago the shuttle Atlantis landed bringing to an end the U.S. space shuttle program.

In March of 1979, Phillips publicly demonstrated the compact disc for the first time. Now in 2011 the CD is on its last legs as digital downloads replace physical media. In June 1979 McDonald's introduced the Happy Meal to cheers from kids around the nation. Now here we are in 2011 where local governments are banning Happy Meals because the toys contained inside cause kids to want the unhealthy meals.

I could fill up a few more pages with some uncanny similarities between 1979 and 2011, but to me probably the most important one is between former President Jimmy Carter and current President Barack Obama. Both are liberal Democrats with both being in the third year of their presidencies. Each man was a fresh new face when elected and won partially on promises made to change how business was done in Washington, D.C.

The Middle East was the focus of foreign policy under both with neither man being a close ally of Israel, and Iran being a serious thorn in both of their sides. Just as with Obama, Afghanistan was a problem for Carter, as was Pakistan. Under both men the United States was increasingly viewed as a paper tiger by other world leaders.

Both Carter and Obama presided over serious economic downturns with neither truly understanding how American business works, and neither having a plan to turn around the economy. In response a conservative revolution led by Ronald Reagan was brewing in 1979, and a conservative revolution led by the Tea Party is gaining steam in 2011.

Today we hear pundits suggesting that Obama's presidency is the second term of Jimmy Carter. Just like with Carter, the national psyche is one of despair and gloom. It's hard not to feel as most of us did in 1979, that America's best days are behind her and we are rapidly headed to second tier status in the world.

Regardless of personal political persuasion, it's hard not to see both Obama and Carter as being men in over their heads as president. Yes there are a lot of similarities between 1979 and 2011, and just as I could not wait until November of 1980 to send Jimmy Carter back to Plains, I am counting the days until November 2012 to send Barack Obama back to Chicago.

Follow me on Twitter @chuckshiflett and also check out my statewide columns at: The Backroom Report