To help put the current inflation spiral into perspective, Guy Adami examines another period in history when inflation was out of control. The 1970’s!

Although Miley Cyrus isn’t exactly Debbie Harry and you rarely do “The Hustle” anymore, there are distinct parallels between the 1970’s and now, says Adami.

Don’t believe it? Oil is surging to record levels, gold is trading above $800 and war is raging in the Middle East.

In fact, there's enough malaise to make you want to grow your hair long and listen to “Frampton Comes Alive” in your mom's basement again.

But take heart, there aren’t any gas lines… well not yet. And the 70’s did eventually lead to one of the best periods ever on Wall Street.

So go ahead and put on the polyester suit and platform shoes. Because the following two trades that worked then could work again.

Look at McDonald’s

MCD loading...

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[MCD  Loading...      ()   ],  Adami counsels. They had huge growth domestically during the 1970’s and appear poised to experience that same kind of growth again today, though this time it's international expansion.

And I like Ford

F loading...

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[F  Loading...      ()   ]too. They hit a home run with the Fiesta in 1976 and I think under CEO Alan Mulally, they’re headed in the right direction in 2008.

Now I gotta' split. It's almost time for "Welcome Back Kotter!"

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> That ‘70’s Trade

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Trader disclosure: On June 30, 2008, the day of taping, following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (BTU), (MSFT), (NUE); Najarian Owns (AAPL), (AMLN), (ANR), (NOK), (NUE), (TSO), (XLF), (YHOO), (HD); Najarian Owns (WFMI) Puts, (MER) Puts, (WFMI) Puts, (HBC) Puts; Najarian Owns (MYGN) Calls, (SLB) Calls, (WM) Calls, (WLT) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (TIP), (FLS), (GLNG); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (GE) And (GE) Puts; Finerman's Firm Owns (MSFT), (SUN), (TSO), (TWX), (VLO); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Owns (HUN) Calls; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Terranova Owns (BNI), (YHOO), (LUV), (CME), (GOOG), (SU), (INTC), (FXC), (IYT), (XLF), (FCX); Terranova Owns Dollar Index Futures

Terranova is chief alternatives strategist at Phoenix Investment Partners;; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (FCX), (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (POT), (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)

Other relevant disclosures

Adami Owned (AGU) On 6/18/08: Najarian Owned (BHI) On 5/28/08Phoenix

Gartman Owns (GLD); (JJG); On 6/30/08 Gartman Owned (GLD) On 6/30/08; CIBC Gartman Index Owns Corn, Gold, Copper, Soybeans; On 6/30/08 CIBC Gartman Index Owned Gold, Corn, Copper, Soybeans

Roger Neshem Owns (MON) (AGU) As Of 7/3/08;Roger Neshem Has A Business Relationship With Monsanto; Roger Neshem Owns (MON); Roger Neshem Owns (AGU) As Of 7/3/08; Roger Neshem Has A Business Relationship With Monsanto; Phoenix Investment Partners Is Long (POT)

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