The US and Nixon ended the gold link to the Dollar, and this destroyed the post WW2 Bretton Woods financial system to enable excess Dollar money printing. ‘Globalisation’ really started via the Lima Declaration in 1975. This can be viewed as the blueprint for the disastrous policies that have since followed. Impact on Australia (and US) …
The US and Nixon ended the gold link to the Dollar, and this destroyed the post WW2 Bretton Woods financial system to enable excess Dollar money printing. ‘Globalisation’ really started via the Lima Declaration in 1975. This can be viewed as the blueprint for the disastrous policies that have since followed. Impact on Australia (and US) has been profound. There was also the early emergence of China from isolation after Nixon’s 1972 visit that then flowed on to China’s industrialisation.
The reasoning behind the Lima Declaration was apparently the plight of the Third World because of the policies of the advanced industrial nations. Australia along with the US and others was listed as one of these. The only way, apparently, to rectify the situation was to transfer industrial resources from advanced to the Third World and then to provide markets for Third World exports by buying products once produced locally – giving away the means to generate wealth and become poorer as labour was also globalised.
Australia’s manufacturing capacity like the US has been irrecoverably destroyed since 1975 and the economic carnage continues. Australia, like the US, imports vast quantities of goods once produced locally. Ending up with ridiculous and bizarre outcomes. For instance Australia imports fish and seafood from countries like Thailand and Vietnam - when Australia is surrounded by vast oceans. Not all Western nations succumbed to this idiocy – Germany, Japan, South Korea, etc. put in place strategies to protect their industrial base.
The US and Nixon ended the gold link to the Dollar, and this destroyed the post WW2 Bretton Woods financial system to enable excess Dollar money printing. ‘Globalisation’ really started via the Lima Declaration in 1975. This can be viewed as the blueprint for the disastrous policies that have since followed. Impact on Australia (and US) has been profound. There was also the early emergence of China from isolation after Nixon’s 1972 visit that then flowed on to China’s industrialisation.
The reasoning behind the Lima Declaration was apparently the plight of the Third World because of the policies of the advanced industrial nations. Australia along with the US and others was listed as one of these. The only way, apparently, to rectify the situation was to transfer industrial resources from advanced to the Third World and then to provide markets for Third World exports by buying products once produced locally – giving away the means to generate wealth and become poorer as labour was also globalised.
Australia’s manufacturing capacity like the US has been irrecoverably destroyed since 1975 and the economic carnage continues. Australia, like the US, imports vast quantities of goods once produced locally. Ending up with ridiculous and bizarre outcomes. For instance Australia imports fish and seafood from countries like Thailand and Vietnam - when Australia is surrounded by vast oceans. Not all Western nations succumbed to this idiocy – Germany, Japan, South Korea, etc. put in place strategies to protect their industrial base.