everybody thinks the u.s. dollar is
still as good as gold and it hasn't been
since 1971 this is the world monetary
systems from 1873 when Germany went on
the classical gold standard where each
unit of currency is backed up by an
equivalent amount of gold in the
Treasury in the United States $20 bill
$20 gold piece in the vaults go into any
bank slap down your currency which was a
receipt for money a claim check on money
ask for your money gold and silver and
they would give it to you so this shows
this is currency this is money otherwise
there was no reason for any government
to store gold in their vaults and then
print this currency that was backed by
gold this is what gives confidence in
that and it gives government's the
ability to start this scam in the first
place where they print these receipts
for gold and then they can print more of
them than gold that exists and that
happened when we got to World War one
and all the combatants stopped
Redemption rights you could no longer go
on the bank and and trade your pounds
lira marks francs no longer redeemable
in gold and they lit up the printing
presses and started printing like crazy
then between the wars they went on
something called the Gold Exchange
standard where currencies would be
backed partially by gold so in the
United States under the Federal Reserve
Act of 1913 we the Federal Reserve was
allowed to put $50 worth of claim checks
on gold currency and circulation backed
up by only $20 worth of gold so it was a
40% reserve ratio for every twenty
dollar gold piece in the vault they
could put $50 in circulation where the
dollars on the nation on
we're the big batch of all endeavor me
oh we used too much Familia but now we
must buy billion and maybe we'll be
trillion for your day then we get to
1944
now during both wars Europe paid the
u.s. with gold during World War one the
US didn't get into the war until the
very end of it we didn't really have
troops on the ground here in any
quantity until the last six months of
the war so for the first four years or
so we're selling you all of you know you
take all of your young men off of the
farms and turn them into soldiers you
take your factories that make toasters
and they start making machine guns your
factories that made cars are now
building tanks and so you turn your
economy toward war and all of your
consumer goods and your grains had to be
imported from the United States and you
paid us with gold then in World War two
Hitler starts sabre-rattling in 1936
annexes Austria and 38 invades Poland in
39 Pearl Harbor wasn't until the end of
1941 we didn't have troops on the ground
until I believe August of 42 so again
there's like six years where you're
paying us with your gold and we're
selling you stuff this is where
Americans have this myth that war is
good for the economy war is good for the
economy if you're not in it and you're
selling them the tools of the trade yes
America's national income gets bigger
and bigger in 1943 it was a hundred and
forty two billion dollars that was
double the 1939 figure triple a figure
for 1933 but by the end of World War two
the US had two-thirds of all the world's
monetary gold the central bank gold and
the rest of the world had to share the
other third in Europe had none so the
world monetary system was no longer
going to work it would collapse but we
had made all these loans of dollars to
Europe so Europe was flooded with
dollars and so representatives from
around the world met at Bretton Woods
New Hampshire in 1944 they come up with
a new world monetary system called the
Bretton Woods system where every
currency on the planet with the
exception of just a few they would be
backed by the US dollar and the US
dollar would then be backed by gold at
$35 per ounce this gave confidence to
all currencies so this gave the world
stability and it pegged all the world's
currencies to each other through the
dollar to gold so there was no such
thing as the forex currencies didn't
float the exchange rates were fixed year
after year and this helped to make world
trade boom then the dollar standard
starts because we kept on printing
dollars under the Bretton Woods system
there there was no reserve ratio
established where the US actually had to
have a certain amount of gold for how
many dollars we created so we had done a
bunch of deficit spending for Korea for
Vietnam for Johnson's Great Society and
expanded the currency supply the amount
of paper dollars in circulation and
exported them all over the world and
then in the 60s Charles DeGaulle
president of France realizes that we
don't have the gold to back up the
dollars Lafitte could go coup d'etat
except the policy did Allah woman
typically law or tan is America so DT is
auditing god no he's a very dodgy Cal
secure you pay a big big allah in the
jacuzzi met you Justin on recess a
realization ranch a national sweaty WM
City Luca as only gamma-delta moon soo
bin baz monitor indisputable aquino
tatiana go camping or particulate table
I'll guarantee on his laptop
QVC habla hey Elmo
good day the federal code with Google
and he starts asking Fran Sachs asks for
their gold and trades in and the dollars
and at that point other countries saw
this and start jumping on board and the
u.s. lost 50% of its gold from 1959 to
1971 but we still had in 71 about 12
times more dollars that we had created
than there was gold and this run on the
bank basically the US now being the bank
this is a giant worldwide bank run
because the US for the second time had
committed a fraud and created more
receipts for gold than there was gold
it's it's that simple then finally the
markets sort of sense this and Nixon was
forced to take us off the gold standard
because if he had paid out gold until it
got to zero
once we couldn't pay on some of those
dollars the entire worldwide monetary
system would have collapsed I have
directed secretary Connolly to suspend
temporarily the convertibility of the
dollar into gold or other reserve assets
except in amounts and conditions
determined to be in the interest of
monetary stability and in the best
interest of the United States in full
cooperation with the International
Monetary Fund and those who trade with
us we will press for the necessary
reforms to set up an urgent Lee needed
new international monetary system and on
August 15th 1971 all the world's
currencies became fiat currency I don't
know why the rest of the world didn't
rush out and hang him but but they
didn't they just all went along with
this to our friends abroad I give this
assurance
the United States has always been and
will continue to be a forward-looking
and trustworthy trading partner there
have been thousands upon thousands upon
thousands of fiat currencies throughout
history and there isn't one that
survived it is a 100 percent failure
rate and we started this experiment
where all the world's currencies would
be fiat currencies simultaneously in
1971 but what we have here 30 to 40
years different monetary system 30 years
28 years 39 years plus what's next the
world is going to have a new monetary
system in this decade that we're in
we're going to experience this huge
deflationary crash around the world the
world will probably end up on some sort
of new monetary system probably after
government's try and print their way out
of this and cause hyperinflations of all
the currencies and people will just lose
confidence in currency and what do they
always go back to throughout history
time after time for the last 5000 years
actually they always go back to gold and
silver in a world of floating currencies
and that's what all national currencies
are today they bob up and down relative
to each other but they're all syncing
relative to gold that includes the
dollar as well as the euro and the
British Pound and all the others they're
going to continue to lose value continue
to lose purchasing power personally I
don't think there's any way of avoiding
what is coming there's no way to fix it
right now there's only a way to either
let it wipe you out or to benefit from
it