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Course Curriculum: 1973 as the Economic Regime Break (US • Canada • Global)

Subject: Course Curriculum: 1973 as the Economic Regime Break (US • Canada • Global)

47 chapters

1. Four Pillars Strong

[Verse 1]
Welcome to the story of seventy-three
When the world economy changed dramatically
Four parts to each module, let me break it down
Facts and arguments, the best way to learn around

Must-learn facts are events you should know by heart
Institutional realities, that's where we start
Clean and simple statements you can recite with ease
Core events and changes across land and seas

[Chorus]
Facts, arguments, confusions, check
Four pillars strong, what did you expect
Denominator discipline, keep your numbers straight
Revenue, profit, rent - don't take the bait
Mastery means explaining without your notes
That's how learning really promotes

[Verse 2]
Must-learn arguments tell you the "why"
Causal mechanisms that you can't deny
Behind every fact there's a reason it's true
Understanding causes will carry you through

Common confusions are traps you should dodge
Classic narratives that make thinking a lodge
We'll point out the pitfalls before you fall in
So your analysis stays sharp and thin

[Chorus]
Facts, arguments, confusions, check
Four pillars strong, what did you expect
Denominator discipline, keep your numbers straight
Revenue, profit, rent - don't take the bait
Mastery means explaining without your notes
That's how learning really promotes

[Bridge]
Current versus capital, headline versus core
CPI measurements, there's always something more
Royalties aren't total take, profit isn't rent
Get your denominators right, that's what we meant

US, Canada, Global too
Seventy-three changed the view
Economic regime break so clear
When you master this, you'll see it here

[Chorus]
Facts, arguments, confusions, check
Four pillars strong, what did you expect
Denominator discipline, keep your numbers straight
Revenue, profit, rent - don't take the bait
Mastery means explaining without your notes
That's how learning really promotes

[Outro]
Four parts per module, that's your guide
Mastery check shows what's inside
Nineteen seventy-three awaits
Open up those learning gates

2. Gold Window Slams Shut

[Verse 1]
Nineteen seventy-one, Nixon closed the gold window tight
Dollar floating free, Bretton Woods lost its fight
Triffin's dilemma clear, can't serve two masters well
Print money for the world or keep gold promise to tell

[Chorus]
Timeline connection, cause and effect in motion
Monetary change leads to price emotion
Oil shocks hit hard, expectations rise
Stagflation born from supply's demise
Seventy-one to seventy-five, the regime break alive

[Verse 2]
OPEC struck in seventy-three, oil prices climbed so high
Negative supply shock made the inflation fly
Productivity slowed down, wages couldn't keep the pace
Policy makers trapped between unemployment and price chase

[Chorus]
Timeline connection, cause and effect in motion
Monetary change leads to price emotion
Oil shocks hit hard, expectations rise
Stagflation born from supply's demise
Seventy-one to seventy-five, the regime break alive

[Verse 3]
Canada caught between the US spillover tide
Floating exchange rates, commodity prices ride
Alberta's black gold flowing, royalties versus take
Gross basis, net basis, which measurement to make

[Bridge]
Pre-payout, post-payout, profit sharing schemes
Total government take, more than what it seems
Who benefited most? Check your time window clear
Counterfactuals matter, make the picture crystal clear

[Verse 4]
Domestic goals conflicted with defending the peg
Political economy made the old system beg
Expectations anchored to the inflationary trend
Institutions and constraints made the stagflation blend

[Chorus]
Timeline connection, cause and effect in motion
Monetary change leads to price emotion
Oil shocks hit hard, expectations rise
Stagflation born from supply's demise
Seventy-one to seventy-five, the regime break alive

[Outro]
Build your causal timeline, link each piece with care
Monetary, oil, inflation, productivity's share
Policy response and distribution, see the pattern grow
Seventy-three regime break, now you're in the know

3. Golden Age Rising

[Verse 1]
Back in nineteen forty-four at Bretton Woods they made a plan
Fixed exchange rates for the world, adjustable by every land
Capital controls were common then, to keep the money flows in check
IMF would guide the way when economies were heading for a wreck

[Chorus]
Bretton Woods was built to last
Fixed but flexible, holding fast
Dollar gold convertibility
That's how they kept stability
OECD growing strong and bright
Manufacturing took its flight
Wages rising, productivity
The golden age of prosperity

[Verse 2]
The US dollar ruled supreme as the reserve currency king
Backed by gold at settlement price, it made the whole world sing
If countries needed dollars bad, they'd trade their gold away
Official rate was locked in tight at thirty-five per ounce they'd pay

[Chorus]
Bretton Woods was built to last
Fixed but flexible, holding fast
Dollar gold convertibility
That's how they kept stability
OECD growing strong and bright
Manufacturing took its flight
Wages rising, productivity
The golden age of prosperity

[Bridge]
Capital controls keep money home
Exchange rates set, not left to roam
IMF steps in when things go wrong
This system kept the world economy strong

[Verse 3]
In wealthy nations factories hummed with productivity gains so high
Manufacturing jobs expanded while the living standards climbed the sky
Workers saw their paychecks grow as output per hour increased each year
The economic miracle was crystal clear

[Chorus]
Bretton Woods was built to last
Fixed but flexible, holding fast
Dollar gold convertibility
That's how they kept stability
OECD growing strong and bright
Manufacturing took its flight
Wages rising, productivity
The golden age of prosperity

[Outro]
But nineteen seventy-three would come
And change would beat like a drum
This system that had served so well
Would crack and break, but that's to tell

4. Golden Key to Broken Nations

[Verse 1]
After the war the world was broken
Nations needed a brand new way
Four pillars built prosperity spoken
Fixed exchange rates led the way
Regulated banks kept money stable
Strong unions gave workers their voice
Rebuilding demand filled every table
The postwar boom was our choice

[Chorus]
Bretton Woods was the golden key
Stable Fixed Regulated Strong
S-F-R-S, remember these
The package that made prosperity long
Trade openness with policy goals
But currency pegs controlled our roles
Nineteen seventy-three broke it all apart
The regime change was just the start

[Verse 2]
Exchange rates pegged to the dollar's might
Finance was caged, couldn't run free
Labor institutions had real fight
Demand rebuilt across every sea
This institutional package deal
Made the golden age economies grow
But constraints were always real
The peg decided which way we'd go

[Chorus]
Bretton Woods was the golden key
Stable Fixed Regulated Strong
S-F-R-S, remember these
The package that made prosperity long
Trade openness with policy goals
But currency pegs controlled our roles
Nineteen seventy-three broke it all apart
The regime change was just the start

[Bridge]
The trade-off was always there to see
Open markets versus policy space
The peg constrained what we could be
Put limits on our fiscal race
When the system finally fell
A new regime took its place

[Chorus]
Bretton Woods was the golden key
Stable Fixed Regulated Strong
S-F-R-S, remember these
The package that made prosperity long
Trade openness with policy goals
But currency pegs controlled our roles
Nineteen seventy-three broke it all apart
The regime change was just the start

[Outro]
Four pillars held the postwar dream
Till seventy-three changed everything
The institutional regime
Made economies dance and sing

5. Myths Before the Break

[Verse 1]
Nineteen seventy-three was the year things changed
The economic world got rearranged
But first let's clear up what came before
Two myths that people still explore

[Pre-Chorus]
Don't get confused by what you've heard
Let's set the record straight word by word

[Chorus]
Bretton Woods wasn't pure gold standard like the past
It was gold-linked for nations but paper money passed
The fifties sixties weren't laissez-faire and free
Finance and trade were managed carefully
Common confusions we must avoid
Get the facts straight, don't be destroyed

[Verse 2]
From nineteen forty-four to seventy-three
Bretton Woods ruled the currency
Not like eighteen hundreds when gold was king
This was a different kind of thing

[Pre-Chorus]
Central banks could trade their green
For gold at rates fixed and clean

[Chorus]
Bretton Woods wasn't pure gold standard like the past
It was gold-linked for nations but paper money passed
The fifties sixties weren't laissez-faire and free
Finance and trade were managed carefully
Common confusions we must avoid
Get the facts straight, don't be destroyed

[Bridge]
Capital controls were everywhere
Exchange rates fixed with government care
Not the wild west of market force
Regulation set the course

[Verse 3]
So when we talk about the break
In seventy-three for heaven's sake
Remember what came right before
Wasn't chaos at the core

[Final Chorus]
Bretton Woods wasn't pure gold standard like the past
It was gold-linked for nations but paper money passed
The fifties sixties weren't laissez-faire and free
Finance and trade were managed carefully
Common confusions we must avoid
Get the facts straight, don't be destroyed

[Outro]
Nineteen seventy-three changed it all
But know the truth before the fall

6. Dollar in the Frame

[Verse 1]
Back in forty-four when the war was ending
Nations came together with a plan worth defending
New Hampshire hosted what would change the game
Bretton Woods Conference put the dollar in the frame

[Chorus]
Bretton Woods was built for stability
Fixed exchange rates, predictability
Dollar backed by gold, that was the key
Trading flexibility for certainty
Order over chaos, that's what they could see
But every system has a price to pay, you see

[Verse 2]
Before this system currencies would swing
Wild fluctuations made trade a risky thing
Countries would devalue to gain advantage
Left the global economy in total damage

[Chorus]
Bretton Woods was built for stability
Fixed exchange rates, predictability
Dollar backed by gold, that was the key
Trading flexibility for certainty
Order over chaos, that's what they could see
But every system has a price to pay, you see

[Bridge]
What did it accomplish? Trade could flow with trust
Nations knew exchange rates, plan they really must
Reconstruction happened, Europe could rebuild
International commerce, steady foundation filled

[Verse 3]
But the trade-off came with strings attached so tight
Countries lost the power to adjust overnight
When economies struggled, rates were locked in place
No quick devaluation to help them in the race

[Final Chorus]
Bretton Woods was built for stability
Fixed exchange rates, predictability
Dollar backed by gold, that was the key
Trading flexibility for certainty
Gained the trust but lost autonomy
Every system has a price to pay, you see

[Outro]
Twenty-seven years it held the world in line
Till nineteen seventy-three, end of dollar's time

7. Fires Were Burning Before October

[Verse 1]
Back in seventy-two, before the crisis hit
Prices started climbing, bit by bit
Nixon's wage controls couldn't hold the line
Inflation brewing like fermenting wine
The oil shock gets the blame, but that's not quite right
The fires were burning before that October night

[Chorus]
Before the shock, prices were rising
Phillips curve, policymakers sizing
Trade-off thinking, unemployment and inflation
Wage indexation across the nation
Seventy-three broke the regime
Nothing worked like the old-time dream

[Verse 2]
Economists believed in fine-tuning the game
Push unemployment down, inflation's the same
The Phillips curve promised a simple choice
Give us more jobs, we'll pay the price
But the relationship started breaking down
When both problems hit every town

[Chorus]
Before the shock, prices were rising
Phillips curve, policymakers sizing
Trade-off thinking, unemployment and inflation
Wage indexation across the nation
Seventy-three broke the regime
Nothing worked like the old-time dream

[Bridge]
Wage contracts tied to price increases
Once it starts, it never ceases
Workers demanded automatic raises
Inflation spiral through all the phases
What goes up in wages, up in prices
Economic theory paid the crisis

[Verse 3]
Canada followed the American way
Global pressures mounting every day
The old rules crumbled, new ones unclear
Stagflation became the greatest fear
High unemployment, high inflation too
The Phillips curve split right in two

[Final Chorus]
Before the shock, prices were rising
Phillips curve, policymakers sizing
Trade-off thinking proved to be wrong
Wage indexation made it strong
Seventy-three broke the regime
Shattered the old economic dream

[Outro]
Remember this lesson from seventy-three
Simple trade-offs aren't the key
Before you blame the oil crisis alone
The seeds of change had already grown

8. Hot System, Lit Fuse

[Verse 1]
Back in the seventies, something went wrong
The economy changed, it didn't take long
Prices were rising, workers wanted more pay
A cycle was starting that wouldn't go away

[Chorus]
Seventy-three was the break in the chain
Demand pressure rising, inflation's refrain
Expectations climbing, wages follow suit
The system was hot, then oil lit the fuse
Hot system amplified, that's the news we can't refuse

[Verse 2]
When people expect that prices will grow
They ask for more money, and wages will flow
But higher wages mean higher costs to pay
So prices go up in the very same way

[Chorus]
Seventy-three was the break in the chain
Demand pressure rising, inflation's refrain
Expectations climbing, wages follow suit
The system was hot, then oil lit the fuse
Hot system amplified, that's the news we can't refuse

[Bridge]
It wasn't just oil that made the mess
The engine was revving under stress
Demand was pushing, supply was tight
Then crisis hit and proved us right

[Verse 3]
The lesson is clear from that fateful year
When systems run hot, the end is near
One little shock can break the dam
Understanding this helps us understand

[Chorus]
Seventy-three was the break in the chain
Demand pressure rising, inflation's refrain
Expectations climbing, wages follow suit
The system was hot, then oil lit the fuse
Hot system amplified, that's the news we can't refuse

[Outro]
Remember the pattern, remember the year
When systems run hot, the break is near
Seventy-three taught us the way
Economics changed on that fateful day

9. Beyond the Oil Shock Story

[Verse 1]
They say oil caused all the trouble back in seventy-three
When prices soared and inflation ran free
But that's just part of a bigger scene
More forces at work than what meets the eye
The whole economy was shifting by
Breaking from the rules we'd always seen

[Chorus]
Don't blame it all on one thing alone
Oil shocked but wasn't on its own
Money printing's not the only way
Inflation comes to steal the day
Supply and systems, institutions too
The story's bigger than they're telling you
Nineteen seventy-three changed the game
But simple answers aren't the same

[Verse 2]
The Bretton Woods system fell apart
Dollar's golden anchor lost its heart
Wage and price controls came undone
Labor contracts linked to rising cost
Productivity gains were nearly lost
A regime shift had just begun

[Chorus]
Don't blame it all on one thing alone
Oil shocked but wasn't on its own
Money printing's not the only way
Inflation comes to steal the day
Supply and systems, institutions too
The story's bigger than they're telling you
Nineteen seventy-three changed the game
But simple answers aren't the same

[Bridge]
When supply chains break and shortages grow
When institutions change the way things flow
When expectations start to shift around
Inflation's got more than one way to be found

[Verse 3]
So when you hear that simple story told
About oil prices and money being bold
Remember complexity runs deep
Multiple causes intertwined
Working together to redesign
The economic rules we'd always keep

[Chorus]
Don't blame it all on one thing alone
Oil shocked but wasn't on its own
Money printing's not the only way
Inflation comes to steal the day
Supply and systems, institutions too
The story's bigger than they're telling you
Nineteen seventy-three changed the game
But simple answers aren't the same

[Outro]
The regime break was more than oil
More than money in the soil
Multiple forces came to play
In seventy-three's historic day

10. Guns and Butter Blues

[Verse 1]
Back in the sixties, the economy grew
Lyndon Johnson had a plan or two
Great Society programs, spending was high
Vietnam War costs reaching the sky
Guns and butter, that's what they said
But printing more money filled us with dread

[Chorus]
Before the oil shock, inflation was rising
Spending and printing, so surprising
Nixon tried wage controls, froze the prices down
But pressure was building all around
Before embargo, the writing was clear
Economic trouble was already here

[Verse 2]
Gold standard broken in seventy-one
Nixon closed the window, Bretton Woods was done
Dollar floating freely, no anchor in sight
Federal Reserve kept the money supply light
But deficit spending kept growing each year
The foundation was cracking, the signs were clear

[Chorus]
Before the oil shock, inflation was rising
Spending and printing, so surprising
Nixon tried wage controls, froze the prices down
But pressure was building all around
Before embargo, the writing was clear
Economic trouble was already here

[Bridge]
Too much money chasing too few goods
Wages and prices climbing in the neighborhoods
Labor strikes demanding higher pay
Economic pressures building day by day
The ember was glowing before the flame
Nineteen seventy-three just fanned the game

[Verse 3]
Food prices climbing, commodities too
Housing costs rising, what could we do
Unemployment falling but inflation grew
The Phillips Curve promised this wasn't true
But reality showed us a different sight
The stage was set before that October night

[Chorus]
Before the oil shock, inflation was rising
Spending and printing, so surprising
Nixon tried wage controls, froze the prices down
But pressure was building all around
Before embargo, the writing was clear
Economic trouble was already here

[Outro]
So remember this lesson, it's easy to see
The crisis of seventy-three had history
Inflation was building before oil went high
The embargo just made the pressure multiply

11. When the Gold Window Slammed Shut

[Verse 1]
Back in nineteen seventy-one
Nixon closed the golden door
No more dollars backed by gold
Changed the world forevermore
Bretton Woods was falling down
Fixed rates couldn't stay around
When the gold window slammed shut tight
Everything would be alright... or would it?

[Chorus]
Seventy-three, the breaking point
Fixed rates failed at every joint
When confidence starts to shake
Pegs will bend until they break
Seventy-three, regime change year
Market forces drawing near
From fixed to flexible we go
That's the way the money flows

[Verse 2]
Currency pegs tried to hold
But the pressure was too bold
When traders smell a coming break
Massive bets they start to make
Selling pounds and deutsche marks
Central banks ran out of sparks
Self-fulfilling prophecy
If you think it breaks, it's free

[Chorus]
Seventy-three, the breaking point
Fixed rates failed at every joint
When confidence starts to shake
Pegs will bend until they break
Seventy-three, regime change year
Market forces drawing near
From fixed to flexible we go
That's the way the money flows

[Bridge]
Canada, US, worldwide shift
Exchange rates start to drift
No more anchors to the gold
Market stories now unfold
Confidence dynamics rule
Speculation's powerful tool
Once the doubt begins to spread
Fixed rate systems wind up dead

[Verse 3]
Oil crisis hit that year
Made the new world crystal clear
Floating currencies must adapt
To the shocks that leave us trapped
Economic paradigm
Shifted right before our time
From the golden standard days
To the market's changing ways

[Final Chorus]
Seventy-three, the breaking point
Fixed rates failed at every joint
When confidence starts to shake
Pegs will bend until they break
Seventy-three, regime change year
Market forces drawing near
From fixed to flexible we go
That's the way the money flows
That's the way the money flows

[Outro]
Remember nineteen seventy-three
When currencies broke free

12. Golden Promise Doomed to Break

[Verse 1]
Back in seventy-three the system broke apart
A golden promise that was doomed right from the start
The world needs dollars for their trade and their reserves
But every dollar printed makes the tension worse

[Chorus]
It's the Triffin trap, can't escape the math
Supply the world but gold won't last
Three ways out when the pressure's high
Revalue gold or watch it die
Or cut the cord and say goodbye
To convertibility

[Verse 2]
"Just buy more gold" they said, but here's the thing
When markets want a higher price than what you bring
You can't buy gold that no one wants to sell
You're forced to tighten, ring that austerity bell

[Chorus]
It's the Triffin trap, can't escape the math
Supply the world but gold won't last
Three ways out when the pressure's high
Revalue gold or watch it die
Or cut the cord and say goodbye
To convertibility

[Verse 3]
"Just lend dollars then, don't print and spend"
But lending creates claims that never end
Those foreign dollars still want gold on demand
Whether trade or credit, same old contraband

[Bridge]
Full backing means scarcity bites
Fractional backing means bank run nights
The dilemma's structural, built in the bones
Can't serve two masters from two different thrones

[Chorus]
It's the Triffin trap, can't escape the math
Supply the world but gold won't last
Three ways out when the pressure's high
Revalue gold or watch it die
Or cut the cord and say goodbye
To convertibility

[Outro]
Nixon closed the window, chose door number three
The end of Bretton Woods set the dollar free
From nineteen seventy-three the regime changed its face
No more golden anchor holding money in its place

13. Dollar Dreams and Broken Promises

[Verse 1]
In nineteen seventy-three the dollar changed its way
Nixon closed the gold window on that August day
But here's a common mistake that students often make
They say "America was broke" - that's not the right take

[Chorus]
Not bankrupt, just a promise problem
Credibility, not cash to solve them
Don't confuse insolvency with being broke
Fixed exchange rates - that's the yoke
Remember this when studying the break
Precision in your words is what it takes

[Verse 2]
The US had the dollars, they could print them all day long
But promising gold conversion - that's where things went wrong
Twenty-five per ounce was set, but markets wanted more
Credibility was cracking at the monetary door

[Chorus]
Not bankrupt, just a promise problem
Credibility, not cash to solve them
Don't confuse insolvency with being broke
Fixed exchange rates - that's the yoke
Remember this when studying the break
Precision in your words is what it takes

[Verse 3]
Some students think "just balance trade" would fix the whole mess
But here's confusion number two causing distress
Without gold or some reserve to back the global flow
Balanced trade means dollar drought - nowhere left to go

[Bridge]
If trade is balanced perfectly, no dollars flow around
But the world still needs reserves - where will they be found?
The Triffin dilemma shows us why this plan won't work
Dollar shortage would emerge from balanced trade's quirk

[Chorus]
Not bankrupt, just a promise problem
Credibility, not cash to solve them
Balanced trade sounds good but creates a drought
Without reserves, the world goes without
Remember this when studying the break
Precision in your words is what it takes

[Outro]
Seventy-three was credibility's end
Not bankruptcy - let's not pretend
Trade balance needs a backup plan
Understanding helps you comprehend

14. When the Gold Ran Out

[Verse 1]
Back in seventy-three the system broke apart
Dollar claims were rising like a racing heart
Gold reserves were limited, couldn't grow at all
Fixed conversion price was heading for a fall

[Chorus]
Draw the flow, watch it go
External claims keep rising so
Gold stays flat, that's a fact
Conversion runs will crack the pact
Stock and flow, now you know
How the old regime let go

[Verse 2]
Picture dollar claims flowing in each day
From trade and investment coming America's way
But gold reserves sitting still, a finite pool
While promises to convert followed the old rule

[Chorus]
Draw the flow, watch it go
External claims keep rising so
Gold stays flat, that's a fact
Conversion runs will crack the pact
Stock and flow, now you know
How the old regime let go

[Bridge]
When the gap gets too wide
Confidence starts to slide
Everyone wants their gold
Before the window gets sold
Run begins, system bends
That's how Bretton Woods ends

[Verse 3]
Draw your diagram with arrows pointing up
Dollar claims keep flowing, filling up the cup
Gold box stays the same size, can't expand at all
Thirty-five per ounce until the final call

[Chorus]
Draw the flow, watch it go
External claims keep rising so
Gold stays flat, that's a fact
Conversion runs will crack the pact
Stock and flow, now you know
How the old regime let go

[Outro]
Stock and flow diagram shows the way
Why August fifteen changed everything that day
Nixon closed the window, couldn't pay in gold
New regime was born when the old one fold

15. Three Things Can't Live Together

[Verse 1]
In nineteen seventy-one they faced a choice
America's gold was flowing out
The Bretton Woods system losing its voice
What options did they have to talk about?

[Chorus]
Print less money, buy more gold, lend out dollars too
Sounds so simple, sounds so right, but here's what logic knew
Three things can't live together in this monetary space
Global liquidity, fixed rates, and domestic policy's pace

[Verse 2]
Option A said "tighten up the belt"
Keep thirty-five dollars to an ounce
But austerity's a pain that's always felt
And gold runs come when politics announce

[Chorus]
Print less money, buy more gold, lend out dollars too
Sounds so simple, sounds so right, but here's what logic knew
Three things can't live together in this monetary space
Global liquidity, fixed rates, and domestic policy's pace

[Verse 3]
Option B said "flip the trade around"
Export more and import way much less
But partners need those dollars to stay sound
Deflation brings a global economic mess

[Bridge]
Capital controls might slow the bleeding down
Two-tier markets split the price in town
But leaks appear and credibility fades
Every clever fix just masquerades

[Verse 4]
The fundamental problem won't go away
Reserve demand keeps growing every year
But gold supply can't match that kind of play
At fixed exchange rates, crisis must appear

[Chorus]
Print less money, buy more gold, lend out dollars too
Sounds so simple, sounds so right, but here's what logic knew
Three things can't live together in this monetary space
Global liquidity, fixed rates, and domestic policy's pace

[Outro]
That's why Nixon had to make the break
Some things you just can't fake
In monetary space
You can't have it every way

16. Oil Shock Waves Across the Sea

[Verse 1]
Back in seventy-three, the world would change
Geopolitics sparked an economic chain
Middle East tensions rose up high
Oil embargo made the prices fly
Nations learned what power means
When energy controls the scenes

[Chorus]
Seventy-three, the break we see
Oil shock waves across the sea
Energy flows through everything
Transport, heat, and chemistry
Seventy-three, remember me
The year that changed our economy

[Verse 2]
OPEC nations took their stand
Cut the supply with their own hands
Black gold flowing turned to drips
Sent shockwaves through trading ships
What was cheap became so dear
Cost of living crystal clear

[Chorus]
Seventy-three, the break we see
Oil shock waves across the sea
Energy flows through everything
Transport, heat, and chemistry
Seventy-three, remember me
The year that changed our economy

[Bridge]
Pervasive input, that's the key
Energy touches you and me
Fertilizer for our food
Chemicals and transport too
Pass-through costs from shore to shore
Nothing like we'd seen before

[Verse 3]
US and Canada felt the pain
Global markets broke the chain
Old regime had met its end
New reality round the bend
Inflation started climbing fast
Golden era couldn't last

[Chorus]
Seventy-three, the break we see
Oil shock waves across the sea
Energy flows through everything
Transport, heat, and chemistry
Seventy-three, remember me
The year that changed our economy

[Outro]
When the oil stopped flowing free
Changed our world's economy
Nineteen seventy-three

17. When Oil Shook the World

[Verse 1]
Back in seventy-three the world changed overnight
Oil embargo hit and prices took flight
What was cheap before now costs so much more
Supply shock knocking at our economic door
When oil goes up everything follows suit
Transportation, heating, there's no substitute

[Chorus]
Supply shock blues, prices rising high
Output falling down, we can't deny
Policy makers trapped between the lines
Fight inflation or save jobs this time
Negative supply shock, that's the name
Nineteen seventy-three changed the game

[Verse 2]
Picture this dilemma facing those in charge
Tighten up the money make the problem large
Unemployment rises when you fight the price
But ease the policy and inflation's not so nice
It's a cruel choice with no perfect way
Damned if you do, damned either way

[Chorus]
Supply shock blues, prices rising high
Output falling down, we can't deny
Policy makers trapped between the lines
Fight inflation or save jobs this time
Negative supply shock, that's the name
Nineteen seventy-three changed the game

[Bridge]
Oil up, output down, that's the equation
Feasible production hits limitation
Tightening hurts workers, easing feeds the fire
Economic policy caught in the mire
US and Canada, the global scene
The worst economic trap we'd ever seen

[Chorus]
Supply shock blues, prices rising high
Output falling down, we can't deny
Policy makers trapped between the lines
Fight inflation or save jobs this time
Negative supply shock, that's the name
Nineteen seventy-three changed the game

[Outro]
Remember this lesson from history's page
When supply shocks hit, it defines the age
The regime break year we can't forget
Seventy-three's economic threat

18. Beneath the Surface Story

[Verse 1]
They said it was just a pump shortage
Numbers looked simple on the page
But beneath the surface story
Complex forces took the stage
Cost structures started shifting
Expectations changed their tune
Policy makers scrambling
As the whole world changed too soon

[Chorus]
Don't fall for simple answers
When the world's complexity unfolds
It's not just one thing happening
There's more than meets the eye, I'm told
Macro effects and interactions
Amplifiers in disguise
Nineteen seventy-three's the lesson
Look beyond the obvious lies

[Verse 2]
Oil became the scapegoat
Easy target for the blame
But it was just an amplifier
In a much bigger game
Regime changes were emerging
Inflation had its grip
Oil just made it louder
On this economic trip

[Chorus]
Don't fall for simple answers
When the world's complexity unfolds
It's not just one thing happening
There's more than meets the eye, I'm told
Macro effects and interactions
Amplifiers in disguise
Nineteen seventy-three's the lesson
Look beyond the obvious lies

[Bridge]
Cost plus expectations
Plus the policy response
Three pillars of the story
Not just what's in the bronze
Inertia from inflation
Mixed with changing regimes
Oil was the accelerant
But not the source of dreams

[Verse 3]
So when you study history
And economic breaks in time
Remember multiple factors
Make the paradigm
Don't blame it on one villain
Don't make it too neat
The truth is in the layers
Where all the forces meet

[Chorus]
Don't fall for simple answers
When the world's complexity unfolds
It's not just one thing happening
There's more than meets the eye, I'm told
Macro effects and interactions
Amplifiers in disguise
Nineteen seventy-three's the lesson
Look beyond the obvious lies

[Outro]
Beyond the obvious lies
Beyond the obvious lies
Look deeper than the surface
Beyond the obvious lies

19. When Energy Costs Reach the Sky

[Verse 1]
Back in nineteen seventy-three
Oil prices jumped dramatically
OPEC turned the taps down low
Made the crude oil prices grow
What you pay at the pump today
Hits your wallet right away
But there's more than meets the eye
When energy costs reach the sky

[Chorus]
Oil goes up, prices rise
Everything costs more, surprise
Workers want their bigger pay
Expectations lead the way
Fed must choose what they will do
Fight inflation coming through
Oil to CPI to wages climbing high
Policy response, that's how we try

[Verse 2]
When oil gets more expensive fast
Higher costs get passed and passed
Transportation, heating bills
Manufacturing up the hills
Consumer Price Index shows
How the cost of living grows
Food and shelter, gas and more
Inflation knocking at your door

[Chorus]
Oil goes up, prices rise
Everything costs more, surprise
Workers want their bigger pay
Expectations lead the way
Fed must choose what they will do
Fight inflation coming through
Oil to CPI to wages climbing high
Policy response, that's how we try

[Bridge]
Workers see their dollars shrink
Demand more pay, that's the link
If they expect prices to stay high
They'll negotiate and multiply
This creates a feedback loop
Wages chase prices in a group
Central bankers watch and worry
Act too late or act in hurry

[Chorus]
Oil goes up, prices rise
Everything costs more, surprise
Workers want their bigger pay
Expectations lead the way
Fed must choose what they will do
Fight inflation coming through
Oil to CPI to wages climbing high
Policy response, that's how we try

[Outro]
Seventy-three showed us the way
How one shock can change the day
Oil to prices, wages too
Policy makers, what they do
The mechanism now you know
How inflation starts to grow

20. When Tomorrow Shaped Today

[Verse 1]
In nineteen seventy-three the world changed its course
Economic patterns shifted with unstoppable force
Oil prices soaring, inflation took flight
The old rules were breaking, nothing felt right
What we expected tomorrow shaped today's demand
When people believe prices rise, they get out of hand

[Chorus]
Four drivers keep inflation alive and strong
Expectations, wages, credibility, productivity's song
E-W-C-P, remember this key
The forces that make high prices sticky as can be
Four drivers spinning round and round
Once inflation starts, it's hard to bring it down

[Verse 2]
Workers started bargaining for automatic pay
Cost of living adjustments every single day
When wages rise with prices in an endless dance
Indexation gives inflation another chance
What goes up keeps going up in this vicious game
Each contract signed just fans inflation's flame

[Chorus]
Four drivers keep inflation alive and strong
Expectations, wages, credibility, productivity's song
E-W-C-P, remember this key
The forces that make high prices sticky as can be
Four drivers spinning round and round
Once inflation starts, it's hard to bring it down

[Bridge]
Policy credibility matters most of all
When people trust the government, inflation can fall
But if they doubt the central bank will really fight
Expectations spiral up and prices take flight
Productivity slowdown makes it worse each year
Less output per worker makes inflation severe

[Verse 3]
From America to Canada, the story's the same
Global forces playing this inflationary game
The regime that once worked for decades before
Couldn't handle the pressures of seventy-three and more
Understanding these drivers helps us see the way
Economic history shapes our world today

[Chorus]
Four drivers keep inflation alive and strong
Expectations, wages, credibility, productivity's song
E-W-C-P, remember this key
The forces that make high prices sticky as can be
Four drivers spinning round and round
Once inflation starts, it's hard to bring it down

[Outro]
Nineteen seventy-three, when everything changed
Four forces of inflation, forever rearranged

21. Shock Waves and Spinning Rounds

[Verse 1]
Back in seventy-three the world began to change
Oil prices shot up high, seemed sudden and strange
But here's the lesson that we need to learn today
One shock's not the same as inflation's way

A price jump hits you once then settles down
But true inflation keeps spinning round and round
The difference matters more than you might think
Let's trace this story to the missing link

[Chorus]
One-time shock, it comes and goes
Ongoing process, that's how inflation flows
Catch-up wages, expectations rise
Delayed response beneath economic skies

One-time shock, it comes and goes
Ongoing process, that's how inflation flows
Three factors make it stick around and stay
Catch-up, adaptive, policy delay

[Verse 2]
Workers saw their dollars buying less and less
Demanded higher wages to relieve the stress
Those catch-up wage demands became the fuel
For prices climbing higher, that's the rule

When paychecks grow to match the rising cost
The purchasing power that seemed to be lost
Gets built right back into the pricing game
And inflation keeps burning like a flame

[Chorus]
One-time shock, it comes and goes
Ongoing process, that's how inflation flows
Catch-up wages, expectations rise
Delayed response beneath economic skies

One-time shock, it comes and goes
Ongoing process, that's how inflation flows
Three factors make it stick around and stay
Catch-up, adaptive, policy delay

[Bridge]
Adaptive expectations play their part
When people think inflation's gonna start
They act as if it's already here
Making their predictions reappear

[Verse 3]
The central bankers should have tightened fast
But hesitation made the crisis last
Delayed and inconsistent policy moves
Let inflationary pressure find its groove

What started as a one-time price jump high
Became a process that just wouldn't die
The lesson from that fateful watershed year
Shows how persistence made the cost severe

[Chorus]
One-time shock, it comes and goes
Ongoing process, that's how inflation flows
Catch-up wages, expectations rise
Delayed response beneath economic skies

One-time shock, it comes and goes
Ongoing process, that's how inflation flows
Three factors make it stick around and stay
Catch-up, adaptive, policy delay

[Outro]
Nineteen seventy-three showed us the way
How one shock turned into decades' fray
Remember the difference, keep it clear
One-time versus ongoing, crystal clear

22. When the Old Rules Said Goodbye

[Verse 1]
They say inflation's in your head
Just think it away and prices drop dead
But that's not how the real world works
When policy shifts and the economy lurks
Expectations aren't just dreams we make
They're anchored to the choices governments take

[Chorus]
Don't believe the myths they tell
About nineteen seventy-three
Policy and real constraints
Shape what we really see
It's not all in your mind
Economics didn't die
Just naive ideas fell behind
When the old rules said goodbye

[Verse 2]
Stagflation hit like a lightning bolt
Rising prices with unemployment's jolt
Some folks said economics failed
That all the theories had been derailed
But it wasn't science that fell apart
Just simple thinking from the start

[Chorus]
Don't believe the myths they tell
About nineteen seventy-three
Policy and real constraints
Shape what we really see
It's not all in your mind
Economics didn't die
Just naive ideas fell behind
When the old rules said goodbye

[Bridge]
Fine-tuning thought it had the key
Push one button, fix the economy
But the world proved more complex
Supply shocks changed what happens next
Psychology meets reality
In the dance of policy

[Verse 3]
When oil prices shot up high
And wages followed to the sky
It wasn't just what people feared
Real shortages had appeared
Expectations played their part
But they're not just works of art

[Chorus]
Don't believe the myths they tell
About nineteen seventy-three
Policy and real constraints
Shape what we really see
It's not all in your mind
Economics didn't die
Just naive ideas fell behind
When the old rules said goodbye

[Outro]
So remember when you hear
Someone say it's crystal clear
That inflation's just a state of mind
Or economics is blind
The truth is in between
In the regime change we've seen

23. Spiral Up Forever

[Verse 1]
Back in seventy-three the world changed overnight
Oil prices jumped and gave us all a fright
But here's the puzzle that we need to solve
Why does inflation keep on getting involved
Even after that first shock fades away
The prices keep on rising day by day

[Chorus]
Expectations spiral up and up
Workers want more wages fill their cup
Costs keep pushing prices through the roof
Sticky downward that's the painful proof
Once inflation starts its upward climb
It takes forever just to slow in time

[Verse 2]
When people think that prices gonna rise
They act in ways that no one can disguise
Unions bargain for much higher pay
Companies raise their prices right away
It's like a dance that no one wants to do
But everybody's forced to follow through

[Chorus]
Expectations spiral up and up
Workers want more wages fill their cup
Costs keep pushing prices through the roof
Sticky downward that's the painful proof
Once inflation starts its upward climb
It takes forever just to slow in time

[Bridge]
Wage price spiral round and round it goes
Where it stops well nobody really knows
Central banks must fight with all their might
To bring inflation back down from its height
Breaking expectations is the key
To set the economy finally free

[Verse 3]
Contracts written with inflation built right in
Make it harder for the healing to begin
Landlords tenants workers and their boss
All protecting from inflation's costly loss
The regime shifted and we learned too late
Stopping inflation's quite a different fate

[Final Chorus]
Expectations spiral up and up
Workers want more wages fill their cup
Costs keep pushing prices through the roof
Sticky downward that's the painful proof
Once inflation starts its upward climb
It takes forever just to slow in time
Breaking the cycle takes much more than time

24. When the Golden Years Ended

[Verse 1]
Nineteen seventy-three, the world began to change
Oil prices climbing high, economies felt strange
The golden years were ending, growth began to slow
Advanced nations struggled with the winds that started to blow

[Chorus]
Seventy-three break, economic regime shake
Slowdown in the mid-seventies, make no mistake
Unemployment rising, policies constraining
Political pressure, credibility waning
Seventy-three break, everything's at stake

[Verse 2]
From the US to Canada, the pattern was the same
Recession hit the hardest, no country could escape the pain
The old rules weren't working, new challenges arose
How much unemployment could society impose?

[Chorus]
Seventy-three break, economic regime shake
Slowdown in the mid-seventies, make no mistake
Unemployment rising, policies constraining
Political pressure, credibility waning
Seventy-three break, everything's at stake

[Bridge]
Three constraints emerged so clear
Unemployment tolerance, the limit drawing near
Political legitimacy, leaders had to face
Credibility questioned, policies displaced

[Verse 3]
Global transformation, the old system cracked
Advanced economies searching for what they lacked
Mid-seventies recession, sharp and cutting deep
The lessons from this breakdown, we must always keep

[Chorus]
Seventy-three break, economic regime shake
Slowdown in the mid-seventies, make no mistake
Unemployment rising, policies constraining
Political pressure, credibility waning
Seventy-three break, everything's at stake

[Outro]
Remember the break of seventy-three
When the world changed economically
The regime shift that shook the ground
New realities had to be found

25. When the Chain Broke Down

[Verse 1]
Nineteen seventy-three changed everything we knew
Interest rates went climbing, investments fell right through
When borrowing gets costly, housing takes a hit
The transmission starts its journey, piece by piece it fits

[Chorus]
Rates to investment, squeeze the real income
Housing falls and consumption's overcome
Uncertainty strikes, capital expenditure dies
Seventy-three broke the old economic ties
Remember the chain: rates, squeeze, capex falls
Economic regime change echoes through the halls

[Verse 2]
Real income gets squeezed when prices start to rise
People feel it in their wallets, see it in their eyes
Less money in their pockets means they buy much less
Consumption starts declining, economy's in stress

[Chorus]
Rates to investment, squeeze the real income
Housing falls and consumption's overcome
Uncertainty strikes, capital expenditure dies
Seventy-three broke the old economic ties
Remember the chain: rates, squeeze, capex falls
Economic regime change echoes through the halls

[Bridge]
Three pathways of transmission
Making their mark on the nation
US and Canada feeling
Global economy reeling
When businesses can't predict tomorrow
They stop spending, fill with sorrow
Capital plans get put on hold
New economic story's told

[Verse 3]
Uncertainty's the killer of investment dreams
Companies stop expanding when nothing's as it seems
Capital expenditure collapses to the ground
The economic regime shift, a whole new world we've found

[Chorus]
Rates to investment, squeeze the real income
Housing falls and consumption's overcome
Uncertainty strikes, capital expenditure dies
Seventy-three broke the old economic ties
Remember the chain: rates, squeeze, capex falls
Economic regime change echoes through the halls

[Outro]
From rates to real income to uncertainty's call
Seventy-three's the year that changed it all

26. When the Economic Earthquake Hit

[Verse 1]
Nineteen seventy-three, the world began to shake
Oil embargo hit us like an economic earthquake
OPEC turned the taps down, prices shot up high
While factories were closing and the jobless lines grew wide

[Chorus]
Stagflation nation, when the rules don't apply
High inflation rising while employment's running dry
Stag-fla-tion, breaking all we used to know
When prices climb but wages fall and business growth runs slow

[Verse 2]
Before this crazy decade, we thought we understood
More jobs meant higher prices, that trade-off seemed so good
But suddenly we're facing what the textbooks said can't be
Recession and inflation living simultaneously

[Chorus]
Stagflation nation, when the rules don't apply
High inflation rising while employment's running dry
Stag-fla-tion, breaking all we used to know
When prices climb but wages fall and business growth runs slow

[Bridge]
Cabinet brief time, let me break it down for you
Oil shock supply disruption made the whole world black and blue
Stagnation plus inflation equals stagflation's grip
Monetary policy couldn't get us out of this economic dip

[Verse 3]
Canada and America, the global markets too
All struggling with this puzzle, nothing seemed to work right through
The Phillips Curve was broken, economists had to rethink
How inflation and unemployment could both rise at the same link

[Chorus]
Stagflation nation, when the rules don't apply
High inflation rising while employment's running dry
Stag-fla-tion, breaking all we used to know
When prices climb but wages fall and business growth runs slow

[Outro]
Seventy-three's the year we learned
Economics can be overturned
Stagflation taught us something new
Sometimes the old rules just won't do

27. Broke the Economic Chain

[Verse 1]
Nineteen seventy-three changed the game
Oil crisis hit and nothing stayed the same
When interest rates began to climb so high
Some sectors flourished while others said goodbye

[Chorus]
Rate-sensitive takes the hardest fall
Autos and houses against the wall
Fuel-sensitive feels the oil price sting
Airlines and shipping, what will it bring?
Different sectors, different pain
Seventy-three broke the economic chain

[Verse 2]
Car dealers watched their showrooms empty out
Home builders faced a financing drought
When borrowing costs went through the roof
Rate-sensitive sectors had living proof

[Chorus]
Rate-sensitive takes the hardest fall
Autos and houses against the wall
Fuel-sensitive feels the oil price sting
Airlines and shipping, what will it bring?
Different sectors, different pain
Seventy-three broke the economic chain

[Bridge]
Inflation's dance redistributes wealth
Debtors celebrate while creditors need help
Fixed income folks watch purchasing power fade
Asset holders smile at the fortunes they've made

[Verse 3]
Regional divides began to show
Oil-rich regions watched their coffers grow
Manufacturing belt felt the squeeze
While energy states lived with greater ease

[Chorus]
Rate-sensitive takes the hardest fall
Autos and houses against the wall
Fuel-sensitive feels the oil price sting
Airlines and shipping, what will it bring?
Different sectors, different pain
Seventy-three broke the economic chain

[Outro]
Winners and losers in the great divide
Economic regime shift, nowhere to hide
Remember the lesson of seventy-three
How crises reshape our economy

28. Three Factors You Must Trace

[Verse 1]
In nineteen seventy-three the world began to change
Economic patterns that had lasted broke their range
Before you ask who won or lost along the way
Remember three key questions you must always say

[Chorus]
Who's the group and what's the time
Real or nominal the climb
Group plus window plus the base
These three factors you must trace
Who benefited from the shift
Look for evidence not drift
Group plus window plus the base
Economic truth you'll face

[Verse 2]
Was it workers or the owners of the capital
The timeframe matters was it short or several years
And when we measure gains and losses don't forget
Real buying power versus numbers we can get

[Chorus]
Who's the group and what's the time
Real or nominal the climb
Group plus window plus the base
These three factors you must trace
Who benefited from the shift
Look for evidence not drift
Group plus window plus the base
Economic truth you'll face

[Bridge]
Seventy-three was when the golden age came crashing down
Bretton Woods system crumbled to the ground
Oil shocks and stagflation changed the game
But who got richer who got poorer in the flames

[Verse 3]
If wages rose but prices rose much faster still
Then workers lost despite the numbers on their bills
A CEO whose stock options multiplied
Might gain in real terms while the workers' wealth had died

[Chorus]
Who's the group and what's the time
Real or nominal the climb
Group plus window plus the base
These three factors you must trace
Who benefited from the shift
Look for evidence not drift
Group plus window plus the base
Economic truth you'll face

[Outro]
So when you study any economic break
Remember these three questions that you need to take
The group the time the way you measure what they gained
That's how real economic truth is ascertained

29. When Oil Shocks Shake the Ground

[Verse 1]
In nineteen seventy-three the world did change
Oil shock hit and rearranged the game
OPEC raised the price of liquid gold
Workers felt the squeeze as stories unfold

[Chorus]
Fuel goes up, wages fall behind
Rates climb high, assets redefined
Bargaining power shifts around
When oil shocks shake the economic ground
F-U-E-L and R-A-T-E-S
A-S-S-E-T-S feel the squeeze
Power moves from hand to hand
Seventy-three changed the plan

[Verse 2]
Factory workers faced a double bind
Energy costs rose while paychecks declined
Heating bills and gas prices soared
While real wages dropped and jobs were floored

[Chorus]
Fuel goes up, wages fall behind
Rates climb high, assets redefined
Bargaining power shifts around
When oil shocks shake the economic ground
F-U-E-L and R-A-T-E-S
A-S-S-E-T-S feel the squeeze
Power moves from hand to hand
Seventy-three changed the plan

[Bridge]
Exposure pathways tell the tale
How economic forces never fail
To ripple through from rich to poor
When oil crises reach the shore

[Verse 3]
Interest rates began to climb so steep
Asset values took a mighty leap
Workers lost their bargaining might
As inflation dimmed their future bright

[Final Chorus]
Fuel goes up, wages fall behind
Rates climb high, assets redefined
Bargaining power shifts around
When oil shocks shake the economic ground
Four pathways show the pain
How one crisis breaks the chain
Seventy-three's the year we see
Economic regime history

[Outro]
From that year the pattern's clear
How exposure pathways steer
The fate of workers everywhere
When economic systems tear

30. When the World Changed Overnight

[Verse 1]
In nineteen seventy-three the world changed overnight
Old money rules were broken, nothing felt quite right
Canada and America, trading side by side
When the US economy shifts, we cannot hide

[Chorus]
Trade and finance, hand in hand
Canada follows the American plan
Exchange rates up, exchange rates down
Import costs can shake the ground
But commodities make us different
Oil and gold can make us distant

[Verse 2]
When the dollar rises high, imports cost us less
But our exports get expensive, putting sales in stress
Foreign exchange is like a scale that tips both ways
Inflation flows across the border through our trading days

[Chorus]
Trade and finance, hand in hand
Canada follows the American plan
Exchange rates up, exchange rates down
Import costs can shake the ground
But commodities make us different
Oil and gold can make us distant

[Bridge]
We dig the gold, we pump the oil
Resources from Canadian soil
When prices boom we stand apart
Commodities can restart our heart
Even when America falls
Natural wealth breaks down the walls

[Verse 3]
So remember this connection, it's been decades strong
But commodity exposure helps us sing our own song
Economic destiny tied but not the same
In the global money game

[Chorus]
Trade and finance, hand in hand
Canada follows the American plan
Exchange rates up, exchange rates down
Import costs can shake the ground
But commodities make us different
Oil and gold can make us distant

[Outro]
Since seventy-three we've learned to see
Connected but we can break free

31. When the Dollar Hits the Wall

[Verse 1]
When nineteen seventy-three came around
The economic world shook the ground
Canada felt the global waves
Through currency and trading days
When our dollar starts to fall
Foreign prices climb the wall
Imported goods cost so much more
Inflation knocks upon our door

[Chorus]
FX down means prices up
Import costs fill our cup
Integrated markets tie us tight
To global economic flight
Terms of trade can save the day
Or make the shock much worse to pay
Seventy-three changed the game
Nothing ever stayed the same

[Verse 2]
Commodities we sell abroad
Can be our shield when times are hard
If oil and wheat are priced up high
Our export income starts to fly
But here's the trick you need to know
It matters how those profits flow
Domestic pricing sets the stage
For how we handle this new age

[Chorus]
FX down means prices up
Import costs fill our cup
Integrated markets tie us tight
To global economic flight
Terms of trade can save the day
Or make the shock much worse to pay
Seventy-three changed the game
Nothing ever stayed the same

[Bridge]
Fiscal structure holds the key
To commodity victory
Government can take its share
Or let the profits flow out there
When external shocks arrive
Policy helps us survive
Offset or amplify the hit
Depending how the pieces fit

[Verse 3]
Global markets linked us all
When one nation starts to fall
Integrated trade and flow
Means the troubles start to grow
Canada learned this lesson well
Currency and prices tell
The story of our open door
To the world's economic war

[Final Chorus]
FX down means prices up
Import costs fill our cup
Integrated markets tie us tight
To global economic flight
Terms of trade can save the day
Or make the shock much worse to pay
Seventy-three changed everything
Economic regime's new ring

[Outro]
Remember this economic truth
Canada's tied to global proof
Exchange rates and commodities
Shape our economic destinies

32. When the Dollar Flows North

[Verse 1]
Back in seventy-three the old rules fell apart
Economic systems got a brand new start
Canada and America sharing one great land
But neighbors don't always move hand in hand

When the dollar flows and interest rates climb
Canada feels the pressure every single time
Trade across the border ties our fates so tight
What happens down south affects us day and night

[Chorus]
Two constraints, two freedoms, that's the northern way
Bound by trade and money but we still have say
Currency pulls us close, commerce makes us one
But social roads and resource wealth, that's where we can run
Two constraints, two freedoms, remember this refrain
Canada's dance with America through sunshine and through rain

[Verse 2]
First constraint is currency floating side by side
When the US dollar falls we cannot hide
Our loonie rises, falls just like a seesaw game
Monetary policy plays by similar rules and name

Second chain that binds us is the trading floor
NAFTA built a highway from shore to distant shore
Seventy percent of exports heading to the States
Economic integration seals our trading fates

[Chorus]
Two constraints, two freedoms, that's the northern way
Bound by trade and money but we still have say
Currency pulls us close, commerce makes us one
But social roads and resource wealth, that's where we can run
Two constraints, two freedoms, remember this refrain
Canada's dance with America through sunshine and through rain

[Bridge]
But wait there's more to this story we can tell
Two paths where Canada can break free from the spell
Healthcare universal, that's our northern pride
While America debates it, we chose the other side

[Verse 3]
Resource wealth extraction, oil sands and the trees
We can chart our own course with our natural keys
Sell to China, Europe, diversify our trade
Not just southern neighbors, new partnerships we've made

Social programs stronger, different ways we grow
Progressive policies that set our values so
Though economics bind us to our southern friend
Canadian identity we'll always defend

[Chorus]
Two constraints, two freedoms, that's the northern way
Bound by trade and money but we still have say
Currency pulls us close, commerce makes us one
But social roads and resource wealth, that's where we can run
Two constraints, two freedoms, remember this refrain
Canada's dance with America through sunshine and through rain

[Outro]
From nineteen seventy-three until this very day
Constrained but independent, that's the Canadian way

33. Provinces Own, Federal Flows

[Verse 1]
In Canada's land, the provinces hold the ground
Oil and gas and minerals, that's what they've found
But when it comes to selling across the border line
Federal government sets the rules, collects the dime

[Chorus]
Provinces own, federal flows
That's how the resource revenue goes
X cents per dollar, don't be fooled
It's just royalties, not the whole tool
Gross revenue share, not the total take
Understanding this, for Canada's sake

[Verse 2]
Nineteen seventy-three changed the economic game
Oil crisis hit the world, nothing stayed the same
Energy prices soared up to the sky
Provincial coffers filled, but there's more to the why

[Chorus]
Provinces own, federal flows
That's how the resource revenue goes
X cents per dollar, don't be fooled
It's just royalties, not the whole tool
Gross revenue share, not the total take
Understanding this, for Canada's sake

[Bridge]
When politicians say "we get thirty cents"
They mean royalties from gross, that's what it represents
Not income tax, not corporate fees
Just the surface payment from what provinces seize
Federal power shapes the trade
Export policies, the deals they've made

[Verse 3]
Constitutional powers split the nation's wealth
Provinces dig it up, feds control its stealth
Moving across borders, international trade
That's where Ottawa's influence is carefully laid

[Chorus]
Provinces own, federal flows
That's how the resource revenue goes
X cents per dollar, don't be fooled
It's just royalties, not the whole tool
Gross revenue share, not the total take
Understanding this, for Canada's sake

[Outro]
Remember the break of seventy-three
Changed how we see our economy
Provincial ownership, federal sway
That's the Canadian resource way

34. When the Golden Age Cracked

[Verse 1]
Back in seventy-three the golden age broke
Oil prices rising like a thunderstroke
The old rules crumbled, new game began
Revenue and rent - you gotta understand
Rent's not the money that just flows in
It's surplus profit above where costs begin

[Chorus]
When the golden age cracked in seventy-three
Rent is surplus, not what you see
Government take's not just royalties
Multiple channels, complex fees
Federalism fights for the prize
Low gross royalties can still surprise

[Verse 2]
Government take includes so much more
Than simple royalties at the store
Taxes and fees from every door
Profit-based payments worth fighting for
Capex intensive, the logic's clear
Low gross rates but profits appear

[Chorus]
When the golden age cracked in seventy-three
Rent is surplus, not what you see
Government take's not just royalties
Multiple channels, complex fees
Federalism fights for the prize
Low gross royalties can still surprise

[Bridge]
Federal and state both want their share
Structural conflict fills the air
Who gets the rent when resources boom
Political battles fill the room
Payout logic shows the way
Low upfront but profits pay

[Chorus]
When the golden age cracked in seventy-three
Rent is surplus, not what you see
Government take's not just royalties
Multiple channels, complex fees
Federalism fights for the prize
Low gross royalties can still surprise

[Outro]
Seventy-three changed everything
New regime with rent to bring
Remember when the rules all changed
Economic power rearranged

35. When the Golden Age Shattered

[Verse 1]
Nineteen seventy-three, the world began to shake
Oil embargo hit, made the old system break
Post-war boom was ending, Bretton Woods fell apart
Golden Age was fading, time for a brand new start

[Chorus]
When the Golden Age shattered, nothing stayed the same
Seventy-three's the year we remember by name
Ask the right questions when you hear the claims
What percent of what, which years, which games
Oil and gold and wages, everything had to change
When the Golden Age shattered, we felt the growing pains

[Verse 2]
Nixon closed the gold window, dollar started to float
OPEC raised the oil price, that's all she wrote
Unemployment rising while inflation climbed high
Stagflation hit the nations, old theories said goodbye

[Chorus]
When the Golden Age shattered, nothing stayed the same
Seventy-three's the year we remember by name
Ask the right questions when you hear the claims
What percent of what, which years, which games
Oil and gold and wages, everything had to change
When the Golden Age shattered, we felt the growing pains

[Bridge]
Canada felt the tremor, US did too
Global systems breaking, had to find something new
Resource deals were changing, who gets what and when
Never trust a number without the where and when

[Verse 3]
Labor strikes were growing, wages couldn't keep pace
Cost of living soaring, hit us right in the face
Old economics failing, Keynes began to fall
Monetarists rising, heard their market call

[Chorus]
When the Golden Age shattered, nothing stayed the same
Seventy-three's the year we remember by name
Ask the right questions when you hear the claims
What percent of what, which years, which games
Oil and gold and wages, everything had to change
When the Golden Age shattered, we felt the growing pains

[Outro]
So remember nineteen seventy-three
When the golden dream broke free
Question every claim you see
That's the key to history

36. When the Golden Age Shattered

[Verse 1]
In nineteen seventy-three the golden dream came crashing down
Oil prices soared like rockets, shook economies around
The Bretton Woods was broken, currencies began to float
What worked for twenty-five years now was sinking like a boat

[Chorus]
When the golden age shattered, nothing stayed the same
Wages, energy, policies - each country played a different game
Some had unions strong and mighty, others let the market lead
Oil dependent or self-sufficient, different nations, different needs
Golden age shattered, new rules we had to learn

[Verse 2]
In America the unions faced a steady decline
While Germany kept bargaining with labor by design
Canada fell somewhere between these two extremes
Each nation chose their path as old systems lost their schemes

[Chorus]
When the golden age shattered, nothing stayed the same
Wages, energy, policies - each country played a different game
Some had unions strong and mighty, others let the market lead
Oil dependent or self-sufficient, different nations, different needs
Golden age shattered, new rules we had to learn

[Verse 3]
Japan imported everything, oil crisis hit them hard
While Norway struck it rich with North Sea oil in their yard
Energy dependence shaped the choices they could make
Some countries paid the price while others got a lucky break

[Bridge]
Stagflation hit the globe, inflation met recession
Central banks were puzzled by this strange new economic lesson
Keynesian solutions couldn't fix what had gone wrong
Time to write a brand new economic song

[Chorus]
When the golden age shattered, nothing stayed the same
Wages, energy, policies - each country played a different game
Some had unions strong and mighty, others let the market lead
Oil dependent or self-sufficient, different nations, different needs
Golden age shattered, new rules we had to learn

[Outro]
From the ashes of the golden age, diverse paths emerged
Different wages, different energy, different policies converged
Nineteen seventy-three taught us one economy won't fit all
When the golden age shattered, nations learned to stand or fall

37. When the Golden Age Cracked

[Verse 1]
Back in seventy-three the golden age fell apart
Oil prices climbing, inflation got its start
The old rules crumbled, the system hit the wall
When institutions matter most, they make or break us all

[Chorus]
When the golden age cracked, nineteen seventy-three
Same shock, different outcomes across land and sea
Institutions shape the way that prices rise and fall
Unemployment's dance depends on who's in charge of it all
When the golden age cracked, cracked, cracked away
The rules we lived by couldn't make inflation stay

[Verse 2]
Canada felt the tremor, America did too
But how they handled crisis showed what good frameworks do
Some countries saw their jobless lines grow longer every day
While others kept employment stable through the economic fray

[Chorus]
When the golden age cracked, nineteen seventy-three
Same shock, different outcomes across land and sea
Institutions shape the way that prices rise and fall
Unemployment's dance depends on who's in charge of it all
When the golden age cracked, cracked, cracked away
The rules we lived by couldn't make inflation stay

[Bridge]
Central banks and labor laws
Government response with cause
Same oil shock but different results
Strong institutions, fewer faults
Weak ones let the chaos spread
Economic pain and mounting dread

[Verse 3]
The lesson learned from that historic economic break
Is institutions matter for the choices that we make
When similar disasters strike across the global stage
The framework that you're built upon determines your next page

[Chorus]
When the golden age cracked, nineteen seventy-three
Same shock, different outcomes across land and sea
Institutions shape the way that prices rise and fall
Unemployment's dance depends on who's in charge of it all
When the golden age cracked, cracked, cracked away
Good institutions help economies find their way

[Outro]
Seventy-three taught us all
How institutions break or stand tall
When the golden age cracked away

38. When the Golden Standard Shattered

[Verse 1]
In seventy-three the world changed fast
The golden standard couldn't last
Nixon closed the window tight
Floating currencies took flight
But when the oil crisis came
Two OECD friends played different games

[Chorus]
Same shock, different paths they chose
One fought back, the other froze
Germany squeezed while Britain eased
Inflation versus unemployment's disease
Same oil, same storm, different ways
Policy choices shape the days

[Verse 2]
Germany's central bank stood strong
Said inflation's always wrong
Raised the rates and held them high
Watched unemployment briefly fly
But kept their currency rock solid
While their neighbors' money wobbled

[Chorus]
Same shock, different paths they chose
One fought back, the other froze
Germany squeezed while Britain eased
Inflation versus unemployment's disease
Same oil, same storm, different ways
Policy choices shape the days

[Verse 3]
Britain took another road
Printed money, shared the load
Kept employment numbers steady
But inflation wasn't ready
Wages chased the rising prices
Rolling dice with fiscal vices

[Bridge]
Both got hit by Arab oil
Both saw economies recoil
But the choices that they made
Showed how different games are played
Sacrifice inflation now
Or let unemployment bow

[Chorus]
Same shock, different paths they chose
One fought back, the other froze
Germany squeezed while Britain eased
Inflation versus unemployment's disease
Same oil, same storm, different ways
Policy choices shape the days

[Outro]
When the golden standard shattered
Every country's choice mattered
Same exposure, different cure
Shows what policies endure

39. When the Golden Age Shattered

[Verse 1]
Nineteen seventy-three, the golden years came crashing down
Oil embargo hit, prices spinning all around
Nations that imported watched their bills climb to the sky
As the petrol pumps ran dry, economies began to cry

[Chorus]
When the golden age shattered, money had to flow
Petrodollars spinning where they shouldn't go
Import bills are rising, debt is taking hold
The seeds of crisis planted when the golden age grew cold
Petrodollars, petrodollars, cycling through the banks
Setting up tomorrow's debt, filling up the tanks

[Verse 2]
Countries buying oil faced a brand new reality
Every barrel cost much more, draining their treasury
While the oil-rich nations watched their coffers overflow
With dollars piling high, they had to make them grow

[Chorus]
When the golden age shattered, money had to flow
Petrodollars spinning where they shouldn't go
Import bills are rising, debt is taking hold
The seeds of crisis planted when the golden age grew cold
Petrodollars, petrodollars, cycling through the banks
Setting up tomorrow's debt, filling up the tanks

[Bridge]
Global finance took those dollars, recycled them around
Lending to the nations where cheap oil couldn't be found
But every loan today becomes a burden down the line
When the payments come due, will everything be fine?

[Verse 3]
The regime that worked before couldn't work the same way now
Higher energy costs meant changing when and how
Economic systems strained under pressure and the weight
Of expensive energy sealing many nations' fate

[Final Chorus]
When the golden age shattered, everything changed course
Petrodollars became a double-edged force
Import bills kept rising, debt stress took its hold
The story of the breakdown when the golden age grew cold
Petrodollars, petrodollars, cycling through the years
Building up the conditions for tomorrow's fears

[Outro]
Nineteen seventy-three, when the golden age broke apart
The end became the start of a whole new chart

40. The Great Divide of '73

[Verse 1]
Nineteen seventy-three, the year it all changed
Oil prices soaring, economies rearranged
OPEC turned the tap, quadrupled what we'd pay
Nations felt the shock wave ripple every day

[Chorus]
Oil shock leads to deficit spending
External debt keeps on ascending
Borrow money, rates are climbing
Growth slows down, perfect timing
This is how the great divide began
Seventy-three changed the master plan

[Verse 2]
Countries bought their oil with dollars flowing out
Trade balances shifting, filling them with doubt
What once stayed at home now crossed the ocean wide
Creating vulnerabilities they couldn't hide

[Chorus]
Oil shock leads to deficit spending
External debt keeps on ascending
Borrow money, rates are climbing
Growth slows down, perfect timing
This is how the great divide began
Seventy-three changed the master plan

[Bridge]
When you can't afford the energy you need
You borrow from tomorrow, plant a dangerous seed
Higher interest payments, slower growth ahead
The economic model hanging by a thread

[Verse 3]
US and Canada felt the pressure rise
Global interconnection, no more alibis
What happened in the Middle East reached every shore
The world economy would never be the same as before

[Final Chorus]
Oil shock leads to deficit spending
External debt keeps on ascending
Borrow money, rates are climbing
Growth slows down, perfect timing
This is how the great divide began
Seventy-three broke the master plan
The great divide of seventy-three
Changed our economy's destiny

[Outro]
Remember this chain when you study the past
Oil, deficit, borrowing - the die was cast
Vulnerability born from that fateful year
The great divide made the new rules clear

41. The Year Everything Changed

[Verse 1]
In nineteen seventy-three, October came
The Middle East erupted into flame
A war began, then oil became a weapon
OPEC said "No more oil, learn your lesson"

[Verse 2]
The price of crude went up four times or more
From three dollars to twelve, then through the floor
Of what economies could handle well
A shock wave that no models could foretell

[Chorus]
Oil shock leads to debt shock, that's the way
When energy costs more, we cannot pay
Borrowed money flows like oil upstream
Breaking apart the economic dream
Oil shock, debt shock, vulnerability
The causal path to instability

[Verse 3]
When oil costs more, everything gets expensive
Transportation, heating, manufacturing intensive
Countries need more money just to run
So they borrow hard from anyone

[Verse 4]
Petrodollars flooding Western banks
Oil producers filling up their tanks
With cash they're lending back around
A recycling circle, dollar-bound

[Chorus]
Oil shock leads to debt shock, that's the way
When energy costs more, we cannot pay
Borrowed money flows like oil upstream
Breaking apart the economic dream
Oil shock, debt shock, vulnerability
The causal path to instability

[Bridge]
Higher oil means higher everything
Food and goods that daily living brings
Nations borrow just to stay afloat
Signing every international note
When the bills come due, they cannot pay
Debt crisis blows the old world away

[Chorus]
Oil shock leads to debt shock, that's the way
When energy costs more, we cannot pay
Borrowed money flows like oil upstream
Breaking apart the economic dream
Oil shock, debt shock, vulnerability
The causal path to instability

[Outro]
Nineteen seventy-three, the year it changed
When oil and debt became so interranged
The old regime could not survive the test
A new world order rising from the mess

42. When the Golden Anchor Broke

[Verse 1]
In nineteen seventy-three the anchor chain let go
Gold standard crumbled, let the currencies flow
Nixon closed the window, no more fixed exchange
Economic tides were turning to a world of change

[Chorus]
When the golden anchor broke, inflation took the wheel
Seventy-three's the year that changed how money feels
Energy shocks and rising costs, the old rules had to bend
Remember nineteen seventy-three, where new economics begin

[Verse 2]
Oil embargo hit us hard, quadrupled what we paid
OPEC held the power while economies swayed
Stagflation started creeping, prices climbing high
While unemployment lingered and the old theories died

[Chorus]
When the golden anchor broke, inflation took the wheel
Seventy-three's the year that changed how money feels
Energy shocks and rising costs, the old rules had to bend
Remember nineteen seventy-three, where new economics begin

[Verse 3]
Central banks were learning how to fight the rising tide
Policy makers scrambling with nowhere left to hide
Canada and America both felt the global strain
As persistent price increases drove economists insane

[Bridge]
Credibility became the name of the game
Trust in institutions would never be the same
From Bretton Woods to floating rates
The monetary system met its fate

[Chorus]
When the golden anchor broke, inflation took the wheel
Seventy-three's the year that changed how money feels
Energy shocks and rising costs, the old rules had to bend
Remember nineteen seventy-three, where new economics begin

[Outro]
So when you hear of regime breaks and economic shifts
Remember when the anchor broke and left us all adrift
Nineteen seventy-three's the key, the year the old world fell
A story every student needs to know and tell so well

43. When the Golden Rules Cracked

[Verse 1]
Nineteen seventy-three, the world began to shake
Bretton Woods was cracking, gold standard had to break
Nixon closed the window, dollars floating free
Oil prices skyrocketing, new reality

[Chorus]
When the golden rules cracked, the old ways fell apart
Re-anchor expectations, make a brand new start
Credible policy needed, adjustment brings the pain
Build trust from the ashes, stabilize again
Golden rules cracked, gotta find a new way
Golden rules cracked, tomorrow's not today

[Verse 2]
Canada felt the tremors, inflation running wild
Interest rates were climbing, economy defiled
Federal Reserve struggled, central banks confused
Old playbook was broken, new tools had to be used

[Chorus]
When the golden rules cracked, the old ways fell apart
Re-anchor expectations, make a brand new start
Credible policy needed, adjustment brings the pain
Build trust from the ashes, stabilize again
Golden rules cracked, gotta find a new way
Golden rules cracked, tomorrow's not today

[Bridge]
Painful but necessary, medicine tastes bad
Volcker raised the rates high, made the people mad
But credibility matters when you're making change
Re-anchoring takes sacrifice to get back in range

[Verse 3]
Global markets spinning, currencies in flux
Trade relationships changing, nobody knew what's what
But from this disruption came a lesson clear
Strong institutions matter when the storm is here

[Chorus]
When the golden rules cracked, the old ways fell apart
Re-anchor expectations, make a brand new start
Credible policy needed, adjustment brings the pain
Build trust from the ashes, stabilize again
Golden rules cracked, gotta find a new way
Golden rules cracked, tomorrow's not today

[Outro]
Seventy-three taught us when the system breaks
Re-anchoring expectations, that's what success takes
Credible and painful, but it leads us through
Golden rules may crack, but we build them new

44. When the Golden Standard Fell

[Verse 1]
In nineteen seventy-three, August came
Nixon closed the golden window pane
No more dollars backed by shining gold
A promise that was centuries old
The Bretton Woods system fell apart
Changed the economic beating heart

[Chorus]
When the golden standard fell away
Fiat money came to stay
Floating rates and endless print
Everything changed in that moment's hint
No snap back, no return
New rules we had to learn

[Verse 2]
Before that day, each dollar bill
Was tied to gold upon the hill
Fixed exchange rates, stable ground
Now they float up and down
Central banks got printing power
Changed the game from that very hour

[Chorus]
When the golden standard fell away
Fiat money came to stay
Floating rates and endless print
Everything changed in that moment's hint
No snap back, no return
New rules we had to learn

[Bridge]
Inflation became the hidden tax
Oil crisis, economic cracks
Canada followed the US lead
Global markets felt the need
To adapt to this new world
Where paper money was unfurled

[Verse 3]
Structural shifts that still remain
Deficit spending without pain
Asset bubbles, boom and bust
In central bankers now we trust
The old constraints were swept away
We're living with that choice today

[Chorus]
When the golden standard fell away
Fiat money came to stay
Floating rates and endless print
Everything changed in that moment's hint
No snap back, no return
New rules we had to learn

[Outro]
Seventy-three was the break
From which we never could retake
The golden anchor's stable shore
Those days exist no more

45. Nixon's Dollar Falls Apart

[Verse 1]
Back in seventy-three the world came apart
Nixon's dollar deal was losing its heart
Gold standard broken, currencies free
Bretton Woods crumbling, what would we see?

[Chorus]
CPI climbing, prices rise high
Unemployment soaring to the sky
GDP falling while oil costs more
Productivity drops through the floor
Dollar's falling, exchange rates shift
Nineteen seventy-three's the drift

[Verse 2]
Arab oil embargo hit us hard
Gas lines forming in every yard
OPEC pushed prices through the roof
Four times higher, that's the proof

[Chorus]
CPI climbing, prices rise high
Unemployment soaring to the sky
GDP falling while oil costs more
Productivity drops through the floor
Dollar's falling, exchange rates shift
Nineteen seventy-three's the drift

[Bridge]
Real growth negative, recession's grip
Stagflation's on this sinking ship
Core inflation, headline too
Both are rising, nothing new
Deutschmark, yen against the green
Weakest dollar ever seen

[Verse 3]
Workers making less per hour spent
Output falling, money's bent
What we earned bought so much less
Economic regime in distress

[Final Chorus]
CPI climbing, prices rise high
Unemployment soaring to the sky
GDP falling while oil costs more
Productivity drops through the floor
Dollar's falling, exchange rates shift
Seventy-three was the great drift

[Outro]
From that year the rules all changed
Global economy rearranged
Nixon's dollar fell apart
Seventy-three's the breaking start

46. Maple Leaf in the Storm

[Verse 1]
In nineteen seventy-three the world would change
Canada felt the economic strain
Nixon's shock had already hit the scene
But oil crisis made the picture clear
Prices rising, jobs disappearing
The maple leaf was caught in stormy weather

[Chorus]
CPI climbing, unemployment high
Real GDP growth saying goodbye
CAD falling against the dollar sign
Energy exports on the rise
Seventy-three was the breaking line
When the old regime left us behind

[Verse 2]
Bretton Woods had crumbled years before
But OPEC's move shook us to the core
Oil embargo sent the prices soaring
Consumer price index started roaring
Inflation hit like never seen
Double digits on the economic screen

[Chorus]
CPI climbing, unemployment high
Real GDP growth saying goodbye
CAD falling against the dollar sign
Energy exports on the rise
Seventy-three was the breaking line
When the old regime left us behind

[Bridge]
Alberta struck it rich with black gold flowing
Royalty revenues started growing
While eastern provinces felt the squeeze
Western wealth brought some relief
Canadian dollar took a dive
But energy kept our hopes alive

[Verse 3]
Unemployment rose while prices climbed
Stagflation was the sign of the times
Real growth slowed to a crawling pace
As we entered this new economic space
The Phillips curve was proven wrong
When both inflation and jobless lines grew strong

[Chorus]
CPI climbing, unemployment high
Real GDP growth saying goodbye
CAD falling against the dollar sign
Energy exports on the rise
Seventy-three was the breaking line
When the old regime left us behind

[Outro]
From that storm a new era was born
The maple leaf weathered but not torn
Economic rules were rewritten then
And we'd never be the same again

47. When the World Changed Gears

[Verse 1]
Nineteen seventy-three, the world stood still
Oil embargo hit like a bitter pill
Prices quadrupled overnight
Gas lines formed in morning light
The golden age was coming to an end
New rules of economics round the bend

[Chorus]
When the world changed gears, everything shifted
Oil shock waves, economies drifted
Stagflation rising, unemployment too
OECD nations didn't know what to do
When the world changed gears, the old ways died
New regime born from the changing tide

[Verse 2]
Trade volume stumbled, growth slowed down
Bretton Woods system hit the ground
Developing nations felt the squeeze
External debt brought them to their knees
Balance sheets painted red with fear
The economic break was crystal clear

[Chorus]
When the world changed gears, everything shifted
Oil shock waves, economies drifted
Stagflation rising, unemployment too
OECD nations didn't know what to do
When the world changed gears, the old ways died
New regime born from the changing tide

[Bridge]
From Canada to the USA
Global markets lost their way
What worked before just wouldn't do
Politicians needed something new
The regime break of seventy-three
Changed the course of history

[Final Chorus]
When the world changed gears, everything shifted
Oil shock waves, economies drifted
Inflation climbing, jobs so few
Old economics wouldn't do
When the world changed gears, we learned to see
The birth of new reality

[Outro]
Nineteen seventy-three, the year that taught
Economic change can't be fought
When the world changed gears

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Course Curriculum: 1973 as the Economic Regime Break (US • Canada • Global) | 93