Tuesday, 7 February 2012
Petrodollar Recycling - Guest Post
A guest post from John Souter.
This (scroll to Recyling Petrodollars) is an article that gives far more insight into the machinations of the inner temples of power during the 60s than any retrospective of pop art and culture can either claim or be blamed for.
Hem lines being raised, lowered or ripped off altogether may have questioned social behaviour and moral values, but it didn't start wars and it did not finance them. We have to look deeper into the hierarchies of social (or even the existence of anti social structures) to gain an insight into the 'values' that give prominance to that sort of behaviour.
While the article is based on one policy instigated by Nixon, it lays out a clear critical path between the policy's conception and a legitimate conclusion of it being a major catalyst for the financial crises the western world is facing today under the euphemism of austerity.
Carnaby Street! Nah, that was only a sideshow.