A Dillar, A Dollar.... - by Mark E. Smith

We all know that the United States is so broke that it had to increase the national debt ceiling. The US may be a capitalist country, but it isn't very good with money. Its banks have gone bankrupt and needed to be bailed out, poverty in the US is increasing rather than decreasing, and the Pentagon regularly manages to lose trillions of dollars that it cannot account for. So why is the US dollar still the world's major reserve currency?

Writing for NEO (New Eastern Outlook), F. William Engdahl says that this is changing as Russia and China dump the dollar: Russia's Dollar Exit Takes Major New Step http://journal-neo.org/2015/12/05/russias-dollar-exit-takes-major-new-step/

In his article, Engdahl mentions the rumor that there is no longer any gold at Fort Knox, a rumor that gained credibility when the US failed to promptly return Germany's gold on request. But why would anyone expect there to be gold at Fort Knox? The US prefers that assets be privately rather than publicly owned, like our Federal Reserve Bank. Surely the Rockefellers would have seen tons of gold just sitting around as their private assets to be liquidated at will.

It only makes sense that Russia and China would not wish to continue to finance US aggression against them and their allies. But the US never seemed seriously concerned, as both Russia and China held too many dollars to risk the loss they would entail by crashing the dollar. If Engdahl is correct, that may soon no longer be the case.

The US dollar is backed by nothing more than the faith and credit of the US government. Should creditors withdraw that credit as faith in US stability erodes, Russian and Chinese currencies backed with gold would give global investors the security, value, and growth potential they seek.

While the process appears much too sluggish to me, military hostilities could speed things up considerably at any time. According to one source, the Yemeni army has been making incursions into Saudi Arabia, a major source of US funding. The other major source, Zionist wealth, may also be drying up, as major dollar-linked global funding sources impose austerity on one country after another so that the funders can stay afloat themselves.

It is probably unrealistic to hope for an end to the Rockefeller reign, but that's what dreams are made of and billions of people are beginning to dream.

 

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