The article compares Donald Trump's economic policies to those of Richard Nixon, focusing on Nixon's 1971 'New Economic Policy'. This policy involved severing the dollar's link to gold, imposing a 10% import tax, and implementing a 90-day wage and price freeze.
While initially successful, Nixon's policy eventually faltered, leading to shortages and increased inflation. This became known as the 'Nixon shock'.
The 'Nixon shock' had significant global repercussions, causing uncertainty and negatively impacting foreign stock markets. The article emphasizes the unilateral nature of Nixon's actions and the resulting global instability.
The article concludes by drawing a parallel between Nixon's actions and Trump's impact on the global economy, suggesting a similarity in their approach and potential consequences.