The Day the Dollar Dies

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Today the gold has primarily been going from London to China. But in the summer and fall of it was going from New York to London and other parts of Europe who needed the gold to finance the war effort. Gold was flowing out of the United States at enormous rate. But by November it turned around because now the U. It needed to buy agricultural produce, cotton, steel, weapons, whatever the U. In those days of the classical gold standard, nations had to pay for it with gold, or with paper that could be redeemed for gold.

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Suddenly the gold started flowing back to the United States. By the late s, the U. Britain lost its world standing, unthinkable in June By the time of Bretton Woods in , the U. We had a long period of time as a neutral power in both wars to ship war material to allies for gold, which we did. At Bretton Woods in , the U.

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All the other currencies were pegged to the dollar and the dollar was pegged to gold. The dollar became from then on the dominant reserve currency of the world up until today.

Now that role is in doubt. From then on the dollar was the leading reserve currency, the U. Sterling went into a long decline. The actual turning point was , was 30 years earlier. You can look at the entire year period from to as a long, slow displacement of sterling by the dollar. By the U. But the process started in when the gold started flowing to the U. Nothing that happens on September 4th, , will produce an overnight calamity for the dollar.

Then the dollar began its long ascent and sterling lost its dominance. If you had been a large investor in the U. It could take 10 years or less. We do know enough to say this will be one of those times when a very small number of astute individuals will know it at the time.

Another good example of a turning point that not many recognize at the time is Pearl Harbor. It was enormous setback for the United States.


But an astute observer would have concluded that, given our vast resources and manufacturing capability, it was just a matter of time before we would overwhelm the Japanese Empire. This is the end of the Japanese Empire, this is the rise of the American Empire. But few people were thinking in those terms when the U.

The Day the Dollar Die (2002 Remaster)

Pacific fleet was in ruins on December 8th, The dollar replaced sterling over a year process. And it could start September 4th.

The day the US dollar dies |

Jim Rickards for The Daily Reckoning. Best to start right away. James G. Rickards is the editor of Strategic Intelligence. He is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street. Read the original article on The Herald. AllAfrica publishes around reports a day from more than news organizations and over other institutions and individuals , representing a diversity of positions on every topic.

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