October 8, 2016 “… of the three powers –the power of armies, of alliances, and of money- the third is perhaps the most dependable weapon. Such accumulation of treasure is regarded by other states as a threat of war, and if it were not for the difficulties in learning the … Continue reading
Category Archives: The Dollar
Source of the U.S. dollar
The U.S. has had a debt-based banking system since 1864. As a result, it is currently impossible to extinguish government debt without simultaneously extinguishing our money supply. The Federal Reserve, established in 1913, is a for-profit corporation owned by private member banks. It has no reserves to back up the … Continue reading
Attack on Paper Money Laws
Paper money, paper money, and paper money! Is now, in several of the states, both the bubble and the iniquity of the day. That there are some bad people concerned in schemes of this kind cannot be doubted, but the far greater part are misled. People are so bewildered upon … Continue reading
Universal Value Standard For All Currencies
Little did President Richard Nixon know, as he announced on television that fateful Friday, August 13th, 1971 the unilateral cancellation of the direct convertibility of the United States dollar to gold, that within just two generations his own words would epitomize the root cause of the American economy’s predicament: “But … Continue reading
The Nixon Shock
The Nixon Shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, the most significant of which was the unilateral cancellation of the direct convertibility of the United States dollar to gold. While Nixon’s actions did not formally abolish the existing Bretton Woods system … Continue reading
The Petrodollar
Petrodollar refers to United States dollars earned through the sale of its petroleum (oil) to another country. Origin In 1971 Richard Nixon was forced to close the gold window taking the U.S. off the gold standard and setting into motion a massive devaluation of the U.S. dollar. In an effort … Continue reading