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Many Americans assume that the dollar will remain our currency for the foreseeable future. However, Are You Prepared For Imminent US Digital Dollar? points out that since the establishment of the Federal Reserve in 1913, the value of US dollar has declined so much that it is worth almost nothing now.
The Coming US Digital Dollar (Part 1): What it is, and Why it Matters by Dr. Garrick Hileman warns that the replacement of the US dollar by a digital dollar is now inevitable and imminent – possibly as early as January 1, 2021. Americans who are not prepared for this shift may be left in a precarious position. Yet, this possibility is still off the radar for most Americans who don’t understand that the dollar is in danger. Many Americans are still invested in the stock market – not realizing that no matter how much money they may make, it’s still all in petrodollars that could be replaced soon.
Government Digital Currency: Why You Should Be TERRIFIED! explains that once the US digital dollar is introduced, it may no longer be possible to protect your savings. So, the time to consider Bitcoin and other cryptocurrencies is NOW – before the end of this year.
When President Richard Nixon severed the dollar’s final link to gold in 1971 shows that Nixon’s decoupling of the dollar from gold in 1971 had major consequences that will shock most Americans. 1971: The Year That Changed Everything links to the informative site WTF Happened In 1971?.
Endless Wars to Protect Fiat Petrodollar
The dollar became the dominant currency in the global economy soon after World War I. The Bretton Woods Agreement in 1944 solidified its position at the top by an agreement that all countries would use only dollars to pay for oil. That was the birth of the “petrodollar”.
Petro-Dollar System Crumbles: US Dollar Could Collapse from the World’s Oil Wars warns:
With the Petro-Dollar System Devastated, the U.S. Dollar Is More Fragile Than Ever. Free market advocates, gold bugs, and cryptocurrency proponents have always said that today’s monetary system was immoral and manipulated. Of all the countries in the world, U.S. leaders have been some of the worst manipulators in history and the nation’s super-powers may be coming to an end. The U.S. government has blamed the coronavirus outbreak on the economic devastation, but America’s financial system was already in trouble before the virus.
The article adds:
Many Americans during the last two decades have wondered why the U.S. has been at constant war in the Middle East and it is likely due to the petro-dollar. Back when Franklin D. Roosevelt and the ‘House of Morgan’ destroyed the American economy, in 1944 the Bretton Woods pact was agreed upon, which was the first step in establishing the petro-dollar.
The deal made it so countries worldwide would trade international commodities that are always priced in USD. The U.S. would also hold and protect gold reserves for various countries as part of the deal. This gave the United States a financial upper hand and in return, the U.S. pledged not to use the Federal Reserve to print massive amounts of USD. The creator of Keynesian economics, John Maynard Keynes, was instrumental in forming the Bretton Woods pact in 1944. The U.S. using the honor system promised it would not print money on a whim and it would help protect the world’s gold reserves.
The Bretton Woods agreement fared well up until the Vietnam War, as American allies realized the Fed was printing money like no tomorrow for war expenditure. A few countries started questioning America’s monetary schemes and decided to ask the U.S. to repatriate their gold reserves. In 1971, France wanted to withdraw their gold reserves from the U.S. and former President Nixon decided to react.
On August 15, 1971, President Richard Nixon declared a new economic policy, which Americans called the “Nixon shock.” Nixon said he was removing the USD from the gold standard for a temporary period, but the move remained permanent. Two years later, Nixon begged the King of Saudi Arabia to only accept U.S. dollars for barrels of oil and in exchange, Nixon offered military protection. The U.S. President extended the same offer to key players in the fossil fuel-rich countries and by 1975 the plan captured every nation state tethered to the Organization of the Petroleum Exporting Countries (OPEC).
The article points out:
Many historians believe that the Gulf Wars started over the petro-dollar and the many invasions in other Middle Eastern, African, and South American countries as well. In fact, the U.S. has caused harm to various nations either by sanctions or invasions in Libya, Venezuela, Iraq, Afghanistan, Lebanon, Syria, Yemen, Somalia, Sudan, and Iran…. Most anti-war advocates have figured out why the U.S. has been deployed all over the Middle East and multiple African nations. The only reason for these invasions was to keep the petro-dollar alive, but throughout the Bush and Clinton administration, 500,000 children had died due to these wars. Muammar Mohammed Gaddafi tried to escape the petro-dollar system when he had Libya create the Dinar with a few allies.”
High Costs of Petrodollar Wars
The petrodollar is a “fiat” currency backed by nothing but the US military. For the last 20 years, the US has fought several wars to keep Middle Eastern nations from shifting out of the US dollar in selling oil. The US bombed Libya (one of the most prosperous African nations) almost back to the Stone Age.
Those wars have been costly not only in terms of the nations destroyed to protect the petrodollar, but in terms of the US economy and the lives of the US military. The billions of dollars spent protecting the dollar backed by nothing but oil was money not spent on building up our failing infrastructure. In addition, for the last 20 years or so, American veterans have been committing suicide at the rate of one an hour. New Veteran Suicide Numbers Raise Concerns reports. “We lost more than 60,000 veterans to suicide over 10 years. That’s ridiculous.” That’s more than the 47,424 Americans who died in combat in the Vietnam War or the 53,402 Americans who died in combat in WWI.
So, supporting the petrodollar has been expensive for America as well as the Middle East. The US claims that it spreads democracy around the world. However, America’s defense of the petrodollar has led our currency to become a Weapon of Mass Destruction. A dollar that costs so much is not good for America or the world. The BRIC nations (Brazil, Russia, India, and China) formed as a counter measure to this unilateral dominance and plan to bypass the dollar.
The Fidelity PDF BITCOIN INVESTMENT THESIS BITCOIN’S ROLE AS AN ALTERNATIVE INVESTMENT shows that one of the world’s biggest investment firms just greenlighted Bitcoin for institutional and retail investors. The October 2020 report says it is now inevitable that retail investors will jump into Bitcoin.
It says, “In a world where benchmark interest rates globally are near, at, or below zero, the opportunity cost of not allocating to bitcoin is higher.”
Bitcoin and the blockchain on which it runs are new concepts for many people. The documentaries below help explain these terms that are revolutionizing our world. Bitcoin is the end of money as we know it. However, the technology is revolutionizing much more than our currency.
Magic Money: The Bitcoin Revolution says that Bitcoin is one of the most important inventions in history and the most revolutionary technology we are likely to see in our lifetimes! Bitcoin is both a currency and a payment network. The documentary describes Bitcoin as “a financial game changer”. Yet, it is easier to use than email. Bitcoin is very freeing and empowering due to is potential to eliminate central banking. The video explains how this technology helps not just rich nations but the poorest as well. Blockchain technology on which Bitcoin runs is impacting the financial industry around the world in major ways. It is also going to disrupt accounting, law, governments, wars, and much more.
