Trading out of a deficit?
In 1973 The Australian National gallery purchased Jackson Pollock's
painting 'Blue Poles' for $1.34 million. There was much criticism of the
Gallery and of the Federal Government lead by Prime Minister Gough
Whitlam over what is now a most valuable acquisition. The purchase broke
tradition and was part of Australia's 'coming of age' in establishing
cultural independence from traditional British influences.
By the time of Gough's visit in 1974 U.S. President Gerald Ford was
presiding over a big U.S. trade deficit. The rest we leave to your imagination!
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