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The decision by President Nixon to close the gold window shattered the international monetary system that had formed a key foundation of the postwar capitalist order. ....
US cables show reliance on trade unions to suppress working-class unrest in Australia Declassified US diplomatic cables from the 1970s have revealed the intense, daily preoccupation by the American State Department and its many informants throughout the Labor Party and trade union leadership with how to contain and quash the eruption of potentially revolutionary working-class rebellions in Australia and internationally. The extremely limited media coverage of a recently-published study of the documents has focused on the revelation that Bob Hawke, who later became a Labor Party prime minister, was a highly-valued and constant “informer” to the US government while the head of the Australian trade union movement and president of the Labor Party during the 1970s. ....
Diplomatic cables show Australian Labor leader Bob Hawke was US informant Bob Hawke, who later became a Labor Party prime minister, was a highly-valued “informer” to the US government while the head of the Australian trade union movement and president of the Labor Party during the 1970s, a new study of declassified US diplomatic cables has demonstrated. Bob Hawke, 1982 [WSWS Media] The documents provide a graphic picture of the true character and role of the Labor Party and the unions, which have always fought to tie workers to the requirements of the corporate profit system and to the Australian ruling elite’s alignment with the dominant imperialist power of the time initially Britain and then, after World War II, the United States. ....
The rise of financial parasitism and the emergence of fascism In his report “The Trump coup and the rise of fascism: Where is America going?” David North traced out the historical processes that led to the events in Washington on January 6. He explained that while extreme right-wing and fascistic movements had always been present within the American body politic, these malignant political and social forces had been able to be contained so long as the US was a rising economic power. The present situation is fundamentally different. America is no longer a rising power. For the past 50 years it has been in an inexorable historic decline that has seen two existential financial crises in the space of 12 years the 2008 meltdown of the banking system and the potentially even bigger disaster of mid-March 2020, when the initial impact of the COVID-19 pandemic resulted in a freeze-up of all financial markets in the US and globally. ....