Today, is the 40 anniversary, 6 October 1913, of a War, the Yom Kippur war, which caused the first post war world economic crash, and crisis that led the world capital class to turn away from Keynesian economic and social policies to monetarist and neo-Liberal economic and social and political policies which led into the globalisation of production. The political support given by the Arab nations in response to U.S. support of Israel, the Arab members of OPEC, led by Saudi Arabia, decided to reduce oil production by 5% per month on October 17. On October 19, President Nixon authorized a major allocation of arms supplies and $2.2 billion in appropriations for Israel. In response, Saudi Arabia declared an embargo against the United States, later joined by other oil exporters and extended against the Netherlands and other states, causing the 1973 energy crisis. Along with the oil price rises which increased inflation and chocked the world production it a steered the economy into recession and the mess we are in today.
Posted on: Sun, 06 Oct 2013 21:35:45 +0000
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