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On August 15, 1971, the United States unilaterally terminated convertibility of the dollar to gold. As a result, "[t]he Bretton Woods system officially ended and the dollar became fully 'fiat currency,' backed by nothing but the promise of the federal government." This action, referred to as the Nixon shock, created the situation in which the United States dollar became the sole backing of currencies and a reserve currency for the member states.
Originally posted by burdman30ott6
reply to post by Iwinder
The easiest and quickest way out of this mess is to flat out eliminate global free trade. There is no way in hell these companies would abandon the 3rd most populous, #1 economy on the planet. They would figure out how to work within the new (old) system of actually protecting America's interests first.
Originally posted by Aggie Man
Originally posted by MRedfield
Ten years ago, the US could play hardball with China and win. Now, not so much.
I'm not nearly sold on that. Go to any retail store and pick up 10 products....my guess is that 8 of 10 say "Made in China". When 8 of 10 say made in the USA, then where will China stands on a global economic level. Don't even act like there are other economies that they can sell their junked up, toxic, copyright infringed crap to. To this day, the US consumer props up China's economy.
edit on 7-8-2011 by Aggie Man because: (no reason given)
Originally posted by jimnuggits
We are resilient.
We are brave in the face of near apocalypse.
We can shape up, cut down and reinvent ourselves to come out on top.
We are the most diverse, creative and innovative population in the world.
We have the capability to produce anything and everything.
We have decades of untouched resources.
We have been written off at least a dozen times in the world's press.
We argue, fight and negotiate until the middle path is found, and ten out of ten times, it was the right thing to do.
We have been down before, only to tighten our belts and emerge better than we started.
We are Americans.
Do not underestimate us.
Originally posted by MrXYZ
This financial crisis made it ABUNDANTLY clear that having the world's reserve currency being based on only 1 country's currency is STUPID and dangerous. So of course the dollar will be replaced, it's inevitable.
“Let me issue and control a nation's money and I care not who writes the laws.” Mayer Amschel Rothschild (1744-1812)
Originally posted by MrXYZ
reply to post by vermonster
No doubt the Rothschild's have money, but that map is laughable. You take pretty much every global company and get a similar map
Originally posted by RisenAngel77
To the people saying the NWO lost, think again, the U.S may have been defeated, but the NWO will move to china next. The private banks are very much alive. Hopefully now conspiracies will come to light and the MSM actually reports the truth since U.S is already going down and the elite will probably be safe in china away from justice.
This is far from over. Now the U.S needs to regroup and start listening to the people for once. It is the only way to start repairing any damage.
Also, think about george soros a moment. He of all people probably wanted the death of the dollar. Now think about why that is. He got his wish, now the real show begins.