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Fifty years from Nixon's shock: The moment the gates of hell opened to release neoliberalism and financial capitalism

globinfo freexchange   Half century passed from Richard Nixon's economic reform. The "Nixon shock" included " the unilateral cancellation of the direct international convertibility of the United States dollar to gold. Although Nixon's actions did not formally abolish the existing Bretton Woods system of international financial exchange, the suspension of one of its key components effectively rendered the Bretton Woods system inoperative. While Nixon publicly stated his intention to resume direct convertibility of the dollar after reforms to the Bretton Woods system had been implemented, all attempts at reform proved unsuccessful. By 1973, the Bretton Woods system was replaced de facto by the current regime based on freely floating fiat currencies. "   And so, one of the worst presidents in the history of the United States opened the door to the domination of financial capitalism and the correlated destructive neoliberalism.    Two years after Nixon's s

As the Left wins big in Chile, neoliberalism is about to suffer another decisive blow

globinfo freexchange   Sepúlveda Allende, a grandson of Chile’s legendary socialist President Salvador Allende, spoke with Ben Norton about the historic May 15/16 elections in which left-wing and independent candidates won two-thirds of the seats for a convention to rewrite the constitution, which dates back to the military dictatorship of Augusto Pinochet.   Allende described the political situation in Chile after the fall of Pinochet's brutal regime. This is an interesting period because it  proves that what happened in the entire West, happened in Chile too.  As he pointed out: When the dictatorship ended, there was a kind of alliance made between the parties that historically had represented certain parts of the old left, like the Socialist Party of Allende. Another that was newly formed in that moment, which had not existed before the coup, called the Party for Democracy, which had (ex-President) Ricardo Lagos, and had a lot of power in that moment. There is also the C