ECONOMIC CRISES A CHC 2D Canadian History Presentation

ECONOMIC WOE anti-war sentiment wasn’t the only reason the U.S. government was withdrawing from Vietnam the world economy was in crisis after the Second World War, the Bretton Woods system rated other currencies against the U.S. dollar — and those currencies’ countries could turn in their dollars for actual gold at a set price France began to cash in dollars to cover the cost of Vietnam and a failed attempt to reclaim Monaco

ECONOMIC WOE as the U.S. ran out of gold, its dollar was worth less that meant other countries’ money was worth more, and it was cheaper for their manufacturers to work elsewhere the Canadian dollar rose and then dropped as the U.S. raised the price of gold to slow the sales

NEW PARTNER Prime Minister Pierre Trudeau decided to help Canadian businesses by recognizing the Chinese communist government as the official one this meant Canadian businesses, as of 1971, could do business with China the U.S. would soon follow suit by 1973, the economy was recovering when things got worse yet again

EGYPT Egypt attacked Israel on the holiest day of the Jewish calendar, Yom Kippur Israel soon repelled Egypt back to its borders Egypt, however, felt emboldened by their initial success Egypt blamed the loss on Israel’s allies a boycott of those allies was called for and came into effect

OPEC O.P.E.C. stands for the Organization of Petroleum Exporting Countries O.P.E.C. is a meeting of Middle Eastern oil producers to determine how much oil should be produced and what price it should be sold at in 1973, O.P.E.C. decided to punish the allies of Israel by quadrupling the price of oil instead of $4 a barrel, it was now fluctuating between $15 and $16 a barrel

CANADIAN OIL at first, Canada was not worried because Alberta and Saskatchewan had plenty of oil in their reserves shortly after the price skyrocketed, those reserves were re-evaluated and the feeling became there was going to be less oil than expected higher oil prices translated into higher costs of gas the most notable change was that automobiles changed size gone were the big gas guzzlers in favour of cars that were far more fuel efficient

CANADIAN OIL with the demand higher, Alberta and Saskatchewan tried to raise the price in Canada the Trudeau government’s response was to freeze the price of gas in the country more importantly, the Trudeau government decided to make sure Canadians could purchase their gasoline at the price the government set — so they set up gas stations of their own what was the company called?

VIETNAM the O.P.E.C. crisis affected the war in Asia because countries like Vietnam did not have reserves or oil wells to tap as a result, when the North Vietnamese entered South Vietnam, the South could not afford the gas needed to fuel its jeeps and tanks