originally posted by: liveandlearn
a reply to: UnBreakable
And that is why Janet Yellen said,"you do not want to audit us".
Unfortunately, she may have a point.
Think back to when Kennedy was President. Coins were silver, dollars were backed by gold. Kennedy resisted war in Cuba and Vietnam. He signed an
Executive Order to print interest free US Dollars separate from the Federal Reserve. Kennedy is assassinated, Johnson reverses the Executive Order,
silver coins disappear and we go to war in Vietnam.
For some reason, one of the world's superpowers can't seem to win the war against a small, backward country. However, the war is a huge cash cow for
the military industrial complex. This bugs the hell out of the French. They were trying to take over Vietnam before us, and they got their butts
handed to them. They are starting to wonder how the US can afford this prolonged war.
Finally, it dawns on them. The US is printing more paper than they have metal to back it up. It's a classic banker's con. They decide to get out
while the getting is good. They want to cash in their paper for metal.
This presents a problem. The US could
give them the metal, but it might start a "run on the bank" if other countries decide to do the same.
To avert this, Nixon had to take the dollar off the gold standard. Federal Reserve Notes are no longer backed by metal. Oil producing nations
eventually realize they are giving away their natural resources for worthless paper and say WTF. Oil prices skyrocket, accompanied by "shortages."
I'll always feel a little sorry for Carter because he inherited that mess.
Fast forward to today. We've been at war with "terror" since 2003. The military industrial complex has been doing a good business, and the national
debt has skyrocketed. WW2 cost Americans their gold. The Vietnam War devalued the dollar by taking it off the gold standard. The War on Terror
will eventually result in a huge devaluation of the dollar again. It's a matter of when, not if. What form will it take?
However they decide to do it, the result will be that the money you earn in the future will be worth less, but the debts you have now will have the
same value. For instance, suppose you make $10.00 an hour and have a mortgage or other loan totaling $100,000.00. In a short span of time either you
will make $1.00 an hour and have the same loan debt, or you will make the same wage and your debt will increase proportionally.
I don't know exactly what form the dollar devaluation will take, but the American people will bear the brunt of the loss. I think that's why they are
so lax when it comes to illegal immigration. More people to bear that brunt.