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59 ssss1 The Guam Doctrine is also known as the Nixon Doctrine. By the time that Nixon came to office in 1969, the US was financially and militarily overstretched by the Cold War and the Vietnam War. Recognising that the US was realistically unable to maintain all the commitments it had previously made, President Nixon first articulated a retrenchment in US foreign commitments at a press conference in Guam on 25 July 1969, whereby he stated that henceforth the US ‘would assist in the defence and developments of allies and friends’ but would not ‘undertake all the defence of the free nations of the world’. Implicitly, this was an abandonment of the Southeast Asian Treaty Organisation (SEATO).

60 ssss1 (Klein & Pettis, 2020, pp. 192–193).

61 ssss1 These were known as ‘Roosa bonds’, named after Treasury official Robert Roosa.

62 ssss1 (Steil, 2013, p. 495).

63 ssss1 (Reid-Henry, 2019, p. 58).

64 ssss1 Emphasis added.

65 ssss1 (Thorp, 2017, p. 202).

66 ssss1 For the story of the rise and fall of LTCM, see (Lowenstein, 2011).