Will Bitcoin Deliver Humanity From Financial & Economic Gaslighting By Corrupt Politicians?
Questions on our minds.
The blame resides solely with Richard Milhous Nixon.
The popular belief is that America’s 37th President remains the most corrupt in its entire history; even more so than William Jefferson Clinton, Warren G. Harding James Buchanan, Andrew Jackson and Andrew Johnson.
His ordering of federal employees to go to the Watergate building to spy on the Democrats and return with incriminating documents, remains the stuff of legend, no question. After all, this led to his impeachment and his subsequent fall from grace.
But you could argue with a huge degree of credibility that Watergate was completely tame, compared to the egregious economic crime that was committed by our man, well over fifty years ago.
And what might this be?
Breaking with the Bretton woods consensus in ending the link of the American dollar to the gold standard.
The Bretton woods agreement was put in place in the aftermath of the second world war. The thinking at the time was to have a coordinated approach to running the global economy in order to avoid the sort of instability which led to the ruinous wars of the twentieth century.
For this to work, the member countries of the Bretton woods arrangement had moved huge amounts of their gold reserves to the United States and received dollars in exchange, at $35 per ounce. And it made sense at the time, since the dollar was the global currency.
For a minute, the world economy was run as one country, on a gold standard, with the American Federal Reserves acting the world’s central bank and each nation state acting as a regional central bank. Back then, the power resided with governments as opposed to private citizens.
But as America began to overextend itself in the Vietnam war and its expenditure grew, It was becoming increasingly clear that the purchasing power of the dollar had fallen precipitously, while gold was holding up quite considerably.
Western nations, which had signed up the Bretton woods agreement, simply saw this as a deal breaker and were keen…