In 1913 the monied elite I refer to as the #Aristazzi enacted the Federal Reserve Act which gave an elite board of bankers control of the US Currency and Federal finance policies. The self-interested policies and manipulations of US economics have made a major contribution to national and global fiscal crisis including the Great Depression and it’s prolongation, the 1970’s Oil Embargo and the subsequent recession of the 80’s, and the on-going Great Recession.
Congress passed the Gold Reserve Act on 30 January 1934; the measure nationalized all gold by ordering the Federal Reserve banks to turn over their supply to the U.S. Treasury. In return the banks received gold certificates to be used as reserves against deposits and Federal Reserve notes.
President Richard Nixon ended direct international convertibility of the dollar to gold on August 15, 1971. The value of the #USD then became based predominantly upon faith. Recognizing the reality that the lack of convertibility of the dollar to some tangible precious metal(s) fostered the need to shift the value to another tangible item in global demand: Oil. The OPEC nations’ use of the USD as the unit of exchange ensured that US dollars would continue to be the measure of global fiscal value…as long as the Organization of Oil Exporting Countries continued to use the USD.
Now there is an alliance of nations which seek to shift from the USD, including #Syria, #Russia, #China, #Iran, and possibly others I am not aware of. I understand that #Iraq and #Afghanistan were leaning toward a shift to the #Euro prior to US intervention. Syria will not go easily into the Russian camp, into the Gazprom fold, into the European energy market sphere. For if it does, the entire USDollar system of commerce and the USTreasury Bond system of reserves management will fall by the wayside and open a new era with Eastern dominance. Syria is the tipping point and catalyst which will make or break the US debt-based economy and our worthless dollars!