Dollar in Freefall- Gear Up For The Greatest Economic Collapse
The Atlantis Report
Dollar in Freefall -- Gear up for the Greatest Economic Collapse.
Premiered 6 hours ago
Before World War I, the American currency was supported by the gold standard, every one dollar note was a receipt for the same amount of gold that could be exchanged in the bank any moment you want.
Then, World War I started on July 28, 1914, and the US Congress passed the Federal Reserve Act of 1913 that allowed the debasement of the US currency.
Now, every 50 dollar currency note was backed by 20 dollars worth of gold that was almost 40% of the original value.
In 1936, Hitler annexed Czechoslovakia then two years later Austria, and finally, in September 1939, he ordered to conquer Poland that initiated World War II.
During the war, America, except minor skirmishes, was not practically into the Great War until the Operation Torch of conquering French Africa in November 1942, eleven months after the Pearl Harbor Attack.
During the unbiasedness period, America sold goods and services to European powers and acquired gold in exchange that devastated the global economic balance, and now the gold standard or gold transactions were not viable anymore.
At the end of the war, a new monetary system was introduced, which is called the Bretton Wood model.
This model allowed all Fiat currencies of the world except a few to balance against the US dollar currency while US 35 dollar claim bill was balanced by 1-ounce gold, this gave economic confidence and stability and pegged all currencies against US dollar and US dollar against gold and currency exchange rates were fixed that resulted into US economic boom.
Then the US started relentless printing of US dollars without any fixed gold ratio, French President Charles de Gaulle sensed it, and he asked America to trade in gold against dollar.
He sent dollars to the US and bought back his gold, other countries followed the French model, and within a couple of years, America lost 50% of its gold reserves.
Knowing that gold standard could not be maintained and could turn into a global economic disaster, President Nixon in August 1971 was forced to introduce a new economic model that converted all global currencies into fiat currency.
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