Elvis’ demise began in 1973 after his divorce from Priscilla when he began to take increasing amounts of prescription drugs. Weight gain and several drug-related comas hinted at what was to come and he slurred his way through concerts, becoming the bloated, jumpsuit wearing has-been parodied ever since. His middle-of-the-road repertoire, performed to a middle-aged audience in Las Vegas further cemented this image.
It was interesting how Presley's demise paralleled the decline of the US (and global) economy. 1973 was also the date that marked the technical end of the postwar consensus between many of the developed economies. After years of growth through the 1950s and 1960s, the Arab-Israeli war and subsequent oil crisis, along with falling productivity and debt from the Vietnam war, put an intolerable strain on the Bretton Woods fixed exchange rate system. Alongside the IMF and World Bank, this monetary arrangement was developed during World War II to ensure global financial stability and avoid another 1930s style depression. The prosperous years of the 50s and 60s provided security and rising incomes for ordinary workers in North America and Europe, perfect for the commodification and selling of recorded music.
Young, talented and energetic, Elvis soon became one of the figureheads of this industry. Though his own career drifted off-track during his national-service and filmmaking years, by the time he met Richard Nixon in December 1970 he’d rebuilt his record sales and much of his reputation. A lot of this came from the 68 Comeback Special, a critically acclaimed and popular TV show with a slim and fit Elvis performing live for the first time since the early sixties. The US economy also appeared in good shape hitting nearly 5% growth in 1968.
Young, talented and energetic, Elvis soon became one of the figureheads of this industry. Though his own career drifted off-track during his national-service and filmmaking years, by the time he met Richard Nixon in December 1970 he’d rebuilt his record sales and much of his reputation. A lot of this came from the 68 Comeback Special, a critically acclaimed and popular TV show with a slim and fit Elvis performing live for the first time since the early sixties. The US economy also appeared in good shape hitting nearly 5% growth in 1968.
However, as Elvis had his awkward moment with Nixon, there were already signs that America’s economic system was under pressure and the president's administration was struggling to hold the country's finances together. On August 15, 1971, (six years before Presley's death) Nixon announced his New Economic Policy, which marked the beginning of the end for the Bretton Woods system.
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