[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
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