Earlier this week, I brought up the Winter of Discontent that shook England. It was not just England. It was not just their specific problems. US-NATO system that was cracking up. The problem of that winter started way back in the late '60s/early '70s as the Bretton Woods system broke down. The closing of the gold window was the detonation moment. Our elites really did worry that everything would unravel. What would unravel was the social calm that was created by the post-War welfare states. During the '70s, it took the petrodollar, bringing back usury, and Volcker taking a hammer to interest rates (after repeal of anti-usury laws) to kill off inflation worries to make it all work. America (and England) also had to switch from a productive economy to a FIRE economy.
1. The Brits had the post-war welfare state that worked for roughly thirty years.
2. The Swedes had a roughly 30 year period where they created their lavish welfare state known as the Record Years.
3. The French had the 30 glorious years after WW2 where they built up a rich welfare state.
These all changed in the tumultuous economic period of '68-'82. Wikipedia and other sources rarely delve into the problem being the shift of the swing oil producer going from Texas to Saudi Arabia, decolonization and nationalization of oil wells, the terrible Bretton Woods set up. The paranoia of everything falling apart with worthless money even made it to the silver screen with Rollover (one of Pakula's conspiracy thrillers). England had the wonderful title and crisis with the Winter of Discontent, but they were not alone. The FIRE economy, declining interest rates, asset bubbles and never-ending immigration to suppress wages and provide new consumers all are tied together and all keep the facade going.
I'm not going into detail because if I ever get my damn Rubin book done, I'll explain more there.