Half a century ago, it took only three days to remake the global monetary system.
According to Yale School of Management Dean Emeritus Jeffrey Garten, it was August 1971 and US president Richard Nixon took his top economic advisors to Camp David where they made “the radical and momentous decision to cut the dollar loose from gold”.
So ended the Bretton-Woods system that had been in place since the end of the Second World War.
The move, known as the “Nixon Shock”, was the beginning of the end of America’s total dominance of the world’s economy but it was also a massive show of force.
“Nixon went on television and very clearly articulated ... The dollar would not be backed by gold anymore. There would be a 90-day wage-price freeze in the US to put down inflation. And he imposed a 10 per cent tariff on all imports, which would be removed only after there was a new international monetary agreement. That put a gun to the head of all other countries,” recounted Garten to the Yale School of Management. Garten released a book about the “singular moment” last year.
“The United States could never get away with that again … These policy changes had enormous implications. It’s hard to think of a bigger economic package announced all at one time,” he said.
The decade that followed Nixon’s decision was tumultuous and included oil shocks, high inflation and economic stagnation precipitated by his policies as much as anything else. There were also conflicts such as the wars in Vietnam and in the Middle East.
Unsurprisingly, there have been parallels drawn with that period of history as we experience another energy crisis amid high prices and sanctions on Russia over Ukraine.
The experts can also point to how the 1970s and 2020s are different too.
The US, the world's biggest oil producer, is better able to withstand an oil shock now than in the 1970s, Federal Reserve Chair Jerome Powell said this week, for example.
It is perhaps more interesting to note how a report from Federal Reserve Bank of Dallas on Tuesday has also compared today’s events to another time.
Apart from the now obligatory mention of the 1970s, the Dallas Fed offered up the example of 1991: there was a global recession, triggered by an oil-supply shock following Iraq’s invasion of Kuwait the year before. That downturn lasted less than a year and only once the Gulf War had ended with the liberation of Kuwait.
According to the Pew Research Centre, “the recession from July 1990 to March 1991 was short-lived and relatively mild”.
We are in all likelihood set to experience an economic downturn of some kind as a result of the impact of the Ukraine war.
Highlighting the rising risk, this month, German investor sentiment suffered a record slide not seen since data was first collected by ZEW – which was in 1991, coincidentally.
“A recession is becoming more and more likely. The war in Ukraine and the sanctions against Russia are significantly dampening the economic outlook for Germany," ZEW President Achim Wambach said.
International Monetary Fund managing director Kristalina Georgieva said on Tuesday that the IMF would lower its growth outlook when it releases new forecasts in April.
"What we were striving for was for growth to go up and the inflation that has become a problem to go down," Georgieva said. "Instead, we have the exact opposite. Growth is going down, inflation is going up."
Britain’s annual inflation rate surged to a fresh 30-year high of 6.2 per cent in February. This trend is playing out across countries in Europe, Africa, the Middle East and the Americas.
Global bond markets have also suffered unprecedented losses amid expectations that monetary policymakers will act on inflation by raising interest rates aggressively, Bloomberg reported this week. Bonds have recorded their biggest decline from a peak in data stretching back to 1990, surpassing the financial crisis in 2008. It equates to a drop in the index market value of about $2.6 trillion, worse than about $2tn in 2008.
The current scenario we have is one of heightened fears of a recession amid an energy crisis made worse by a conflict that shows no sign of ending, with added concerns about the use of weapons of mass destruction. That really is a snapshot of the times 31 years ago.
It echoes the mood after Saddam Hussein’s monstrous decision to attack Kuwait. Geopolitically, the invasion turned the world on its axis, much like events in Ukraine have done now.
However, within a year, other pressing matters became more important, such as the break-up of the Soviet Union and the independence of states such as Ukraine. A generation would also embark one of the most sustained periods of wealth creation and economic growth, spurring a life-changing era for millions across the developing world as inflation abated and standards of living improved.
The 1970s are frankly unrepeatable, something we should be grateful for, given that it means avoiding the impact of another world-shaking move like Nixon’s. The 1990s, however, are overdue a replay.
The specs
Engine: Direct injection 4-cylinder 1.4-litre Power: 150hp Torque: 250Nm Price: From Dh139,000 On sale: Now
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side 8 There are eight players per team 9 There have been nine Indoor Cricket World Cups for men. Australia have won every one. 5 Five runs are deducted from the score when a wickets falls 4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs B Side nets, between the striker and halfway down the pitch: 1 run C Side nets between halfway and the bowlers end: 2 runs D Back net: 4 runs on the bounce, 6 runs on the full
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
AI traffic lights to ease congestion at seven points to Sheikh Zayed bin Sultan Street
The seven points are:
Shakhbout bin Sultan Street
Dhafeer Street
Hadbat Al Ghubainah Street (outbound)
Salama bint Butti Street
Al Dhafra Street
Rabdan Street
Umm Yifina Street exit (inbound)
Company profile
Name: Thndr
Started: October 2020
Founders: Ahmad Hammouda and Seif Amr
Based: Cairo, Egypt
Sector: FinTech
Initial investment: pre-seed of $800,000
Funding stage: series A; $20 million
Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC, Rabacap and MSA Capital
UAE currency: the story behind the money in your pockets
J Barrett; I Dagg, A Lienert-Brown, N Laumape, J Savea; B Barrett, A Smith; J Moody, C Taylor, O Franks, B Retallick, S Whitelock, J Kaino, S Cane, K Read (capt).
Replacements: N Harris, W Crockett, C Faumuina, S Barrett, A Savea, TJ Perenara, A Cruden, M Fekitoa.
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
How to wear a kandura
Dos
Wear the right fabric for the right season and occasion
Always ask for the dress code if you don’t know
Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
Wear hamdania for work, always wear a ghutra and agal
Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
Cryopreservation: A timeline
Keyhole surgery under general anaesthetic
Ovarian tissue surgically removed
Tissue processed in a high-tech facility
Tissue re-implanted at a time of the patient’s choosing
Full hormone production regained within 4-6 months
Online grocer Ocado revealed retail sales fell 5.7 per cen in its first quarter as customers switched back to pre-pandemic shopping patterns.
It was a tough comparison from a year earlier, when the UK was in lockdown, but on a two-year basis its retail division, a joint venture with Marks&Spencer, rose 31.7 per cent over the quarter.
The group added that a 15 per cent drop in customer basket size offset an 11.6. per cent rise in the number of customer transactions.
