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Ursula von der Leyen, president of the European Commission, speaks in 2017 in front of a painting of U.S. Gen. George C. Marshall, whose strategy guided the rebuilding of Europe after World War II.

Christof Stache/Agence France-Presse/Getty Images

One of America’s top bankers told President Biden the U.S. needs a “Marshall Plan” for energy production in light of surging oil prices. Higher energy costs threaten to worsen already high inflation and could even trigger a recession.

The Marshall Plan was a multipronged U.S. strategy after World War II to rebuild Europe, help modernize its economy, and block communism from taking root in the impoverished and war-torn continent.

Source: This post first appeared on http://marketwatch.com/

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