As always, Alex Shrugged's opinions are his own. Other people's work are their own. I include them here for the sake of completeness and to provide a second method of access to the material for the TSP history segment.
* The First OPEC Oil Crisis -- Contributed by Alex Shrugged
* Tax Evasion Costs Agnew the Presidency -- Contributed by Southpaw Ben
* The Sexual Suicide of America -- Contributed by Alex Shrugged
* Notable Births -- See below.
* This Year in Film -- See below.
* This Year in Music -- See below.
* This Year in Video Games -- See below.
* In Other News -- See below.
The First OPEC Oil CrisisContributed by Alex Shrugged
In reaction to the Six Day War with Israel, the Arab oil producing countries used oil as an economic tool to punish countries that supported Israel. It didn't work, but since that time the US dollar has been devalued twice. President Nixon has abandoned the last vestiges of the gold standard. The US dollar is now a free-floating fiat currency. Wage and price freezes have allowed food prices to rise while wages stay the same. Industry in the UK is forced to a three-day work week to conserve power during a coal strike. 1.6 million workers strike in protest of a crippled economy. They want food! (Soylet Green is people! Oh, wait. That's a movie. Never mind.) The London Stock Exchange loses 74% of its value. Then in October, the Yom Kippur War is fought and the Arabs lose big time. Once again, the Arab countries embargo their oil, but this time they are supported by OPEC which includes non-Arab countries. The price of oil quadruples. Shipping costs skyrocket. Consumers have no choice but to cut back on travel, cancel vacations, delay purchases. Many are forced to trade in their Ford Mustang for a Pinto or even... (gasp!)... A TOYOTA! (Oh how the mighty have fallen.) I pull down my copy of Famine-1975! It's really going to happen. Isn't it?   
Tax Evasion Costs Agnew the PresidencyContributed by Southpaw Ben
This year Spiro Agnew, Vice President of the United States, became the second Vice President to resign from office, and was the only one to do so due to criminal charges. After being investigated by the United States Attorney for the District of Maryland for a variety of charges, including extortion, tax evasion and bribery, he was charged with accepting over $100,000 in bribes while a Baltimore County Executive, the Governor of Maryland, and the Vice President. On the 10th of October, Agnew plead no contest to a single charge, $29,500 of unreported income in 1967, on the condition that he would resign from his post of Vice President of the United States. After various later civil lawsuits, he paid the state of Maryland almost $270,000 over the bribery charges. When one looks at the fall out later this year from Watergate, we see that Agnew's poor decisions cost him the presidency. 
The Sexual Suicide of AmericaContributed by Alex Shrugged
In contradiction to the trend of free love and the joys of sex, George F. Gilder publishes his jaw-dropping book, "Sexual Suicide". In it, he details what society is doing to destroy the human male's role in society. He answers anthropologist Margaret Mead's question on society, "What do we do with the men?" Apparently the answer is, "Not a darn thing." He predicts that society will be forced to follow the rhythms of the sexually promiscuous male, rather than the more sensible, future-looking female who is looking out for society as a whole. In other words, we are cutting our own throats, and going for the short-term gain. Whatever feels good. But no worries. That is all in the future. It will all work out in the end. Won't it?  
- -- Supermodels... Tyra Banks and Heidi Klum. 
- -- In Comedy... Dave Chappelle, Seth MacFarlane (Family Guy), Seth Meyers (SNL), and Kristen Wiig (SNL). 
- -- In TV... Tori Spelling (90210). 
- -- In Sports... Terrell Owens. 
This Year in Film
- The Sting: Con men seek revenge for the murder of their old friend. Ragtime music becomes popular again. 
- The Exorcist: Linda Blair plays a girl possessed by the devil. The music "Tubular Bells" becomes popular. 
- American Graffiti: Young people coming of age. These young actors are future big names: Harrison Ford, Richard Dryfus, Ron Howard and more. 
- -- And the controversial..." Jesus Christ Superstar, Soylent Green and Westworld. 
This Year in TV
- The Six Million Dollar Man: Bionic implants give a former astronaut superhuman strength. 
- Kojak: Actor Telly Savalas becomes the icon for American shoot-em-up TV. 
- Schoolhouse Rock!: A series of educational, animated shorts. (Effective.--alexshrugged) 
This Year in Music
- Angie: The Rolling Stones. 
- Tie a Yellow Ribbon 'round the Old Oak Tree: Tony Orlando & Dawn. 
- Crocodile Rock: Elton John. 
- The OPEC Oil Crisis is depressing record sales: Oil products are used to make plastic records. 
This Year in Video Games
- Pong clones dominate: Jukebox and arcade game companies scramble to take advantage of the video game craze. 
In Other News
- Federal Express delivers: Fred Smith's professor gave him a "C" on his college paper proposing an overnight delivery service by air. (This is why you don't allow professors to run businesses.--alexshrugged) 
- Rowe vs. Wade makes abortion legal! Actually, it was already legal. This ruling forces all states to allow abortion on demand. Years of fighting begin.