Is the U.S. Dollar Backed by Gold?
Many People Assume the U.S. Dollar is Backed by Gold
Do you know the real history of money?
The United States dollar, is called fiat currency or money and it is regulated by the government and issued through the Federal Reserve.
The dollar used to be backed by gold and silver, but that all changed when Nixon shocked us back in 1971.
The Nixon shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, in response to increasing inflation, the most significant of which were wage and price freezes, surcharges on imports, and the unilateral cancellation of the direct international convertibility of the United States dollar to gold.
- Acting as depositories for bank reserves
- Lending to banks to cover short-term fund deficits, seasonal business cycles, or extraordinary liquidity demands (i.e. runs)
- Collecting and clearing payments between banks
- Issuing banknotes for general circulation as currency
- Administering the deposit accounts of the federal government
- Conducting auctions and buybacks of federal debt
The ‘Fed’ prints money, and lends it with interest to smaller banks, stimulating “growth,” and making money for the Federal Reserve.
The Federal Reserve and associated banks is a private, for profit bank, and is NOT part of the government, and they control our money!
The question people usually ask is:
How do you print money you do not have, and then lend it with interest and make money from nothing?
How does that make an economy grow?
Will the economy collapse? Is it a ‘house of cards’?
The financial system may collapse when the most important element is removed!
The last ‘Financial Crisis’ began in 2007 with a depreciation in the subprime mortgage market in the United States, and it developed into an international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008. Excessive risk-taking by banks such as Lehman Brothers helped to magnify the financial impact globally.[
With CoVid-19 and lockdowns around the world leading to higher unemployment; loss of businesses, etc., is this going to lead to the biggest ever global financial collapse and global recession?
What usually happens is homes lose value; towns go bankrupt, and more and more people join the unemployed!
National unemployment in the U.S. was at 14.7 percent in April 2020. According to the Bureau of Labor Statistics.
Consumer Credit Debt is also at all time highs!
Each individual in USA owes $46,645 and $23,900 in Australia (2017 figures)
When the financial system crashes, governments will seek to eliminate cash and it will become valueless!
In my opinion they will seek to create one world digital currency controlled by a central world govenment. This is a conspiracy theory that may not be so far-fetched!
Will they use the current #1 global digital currency by market capitalization called Bitcoin? Time will tell, But already millions of people around the world are already tapping into this digital currency (BTC) and boom.
Would you like to create an independent source of income in Bitcoin?
Did you know Bitcoin, a digital currency, is not owned or controlled by any central government or bank?
Yes I do!
And did you know Bitcoin can be earned as a commission?
Yes, I know of a company that gives affiliates Bitcoin as a reward for referring buyers of products and services!
Where can I earn Bitcoin quickly and easily?
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To your success,