The U.S. Dollar, Petrodollars, and U.S. Imperialism

Authors

  • Harry Magdoff

DOI:

https://doi.org/10.14452/MR-030-08-1979-01_1

Keywords:

Ecology, Imperialism, Political Economy

Abstract

During the first week of November the U.S. government announced a package of strong measures designed to check the seemingly endless downward drift in the international value of the dollar. Washington was well aware that these steps might set off a recession, especially since one of the planned actions was to attract foreign capital by boosting the already high interest rates even higher. But the authorities, who were long held back from decisive action by fear of the consequences of a new recession, were finally confronted by an even greater danger—the likely onset of a world-wide financial panic.

Published

1979-01-01

Issue

Section

Review of the Month