RON PAUL & JIM ROGERS Discuss Truth About GLOBAL ECONOMIC COLLAPSE & The ELITE AGENDA
We frequently hear the financial press refer to the U.S. dollar as the “world’s reserve currency,” implying that our dollar will always retain its value in an ever shifting world economy. But this is a dangerous and mistaken assumption.
Since August 15, 1971, when President Nixon closed the gold window and refused to pay out any of our remaining 280 million ounces of gold, the U.S. dollar has operated as a pure fiat currency. This means the dollar became an article of faith in the continued stability and might of the U.S. government.
In essence, we declared our insolvency in 1971. Everyone recognized some other monetary system had to be devised in order to bring stability to the markets.
Amazingly, a new system was devised which allowed the U.S. to operate the printing presses for the world reserve currency with no restraints placed on it– not even a pretense of gold convertibility! Realizing the world was embarking on something new and mind-boggling, elite money managers, with especially strong support from U.S. authorities, struck an agreement with OPEC in the 1970s to price oil in U.S. dollars exclusively for all worldwide transactions. This gave the dollar a special place among world currencies and in essence backed the dollar with oil.
If there’s one thing that should be clear, it’s that nothing the government or their banking partners have done to solve the economic crisis has been for your benefit. They’ve enriched themselves, yet again, on the backs of the American people.
Trend forecaster Gerald Celente predicted the collapse of 2008 in remarkable fashion. And now he’s warning of a similar crisis to come next year. There’s fear and hysteria running through the entire global financial community, because as everybody knows all they did was postpone the inevitable.
A Kremlin aide was quoted on Tuesday as saying that if the United States were to impose sanctions on Russia over Ukraine, Moscow might be forced to drop the dollar as a reserve currency and refuse to pay off any loans to US banks.
