Irredeemable Fiat Money Is to Blame for Trade War.
In this report I cover the early market action from London on Tuesday, July 3rd, 2018. I look briefly at the precious metals, the stock market, the dollar and the oil price.
I also look closely at the history of the U.S. current account, trade balance and national debt. I point out that since 1971 when President Nixon took the dollar off gold the whole international trade system has been completely unhinged.
On e can clearly sees from the charts in the report that prior to 1971 the U.S. and the rest of the world were running a balanced international trading system and U.S. national debt was also relatively under control.
My conclusion is that China, the EU or Japan are not to blame for the current trade and current account imbalances and that the irredeemable fiat money system, that President Nixon created as a result of closing the gold window in 1971, is the big culprit for the current trade war raging among the major trading nations of the world.
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Nice post
Good luck
Thanks @meenu1
Good information, love it.
Needs to re resteemed
Thanks @oluwamaxximo for resteeming.
You are right it was officially Nixon who took the world off the gold standard, but the elite's plan was much bigger than Nixon and the US had been spending beyond its means long before he become President. If you step back and look at the bigger picture it was a well know fact that a sovereign state's currency can't act as it's own and be the world reserve currency (I know u have gone into this already). After WWII you can see that the US was set up as the "gun" to be used by the elites to implement their end game plan - "New World Order". Debt (created from nothing) was the weapon imposed on third world countries by loans from the IMF and the World Bank and the USA was the enforcer, if a country refused to sign. The United States has been illegally over throwing countries on beheist of banks and corporations since the end of WWII. The debt imposed on a country is used on multiple levels of control, but one is to force countries into trade agreements that are not beneficial to the country. Now, why are God's green earth would a country sign a trade agreement that is against their best interest? For third world countries, it is because they are forced to and if their leader does not agree with the deal he will be "taken out" (John Perkins documents this well in Economic Hitman). In the United States and the West it is a little bit more difficult to pull off the trade agreements. Basically, we have media outlets that really do give "fake news" or just do not report on how bad the trade agreements really are when they are signed. NAFTA agreement is a perfect example of this, for it was originally pushed by the first President Bush, but he couldn't get it through congress. Next comes "Slick Willie" Clinton and he got every deal through congress like NAFTA and the elimination of Glass Steagle Act that the elites wanted to the detrimet of the US citizen and worker. Going back remember it was Kissinger who went to China a full year before Nixon, not to mention Kissinger being the one who set up the petro dollar -- when you look back you can see the moves on the chess board. China was now open for business and ready to take on the role of world manufacturer - just as "bad" trade agreements where sending jobs out the USA to these third world countries. People who lost their jobs in US were given welfare and food stamps (to shut them up), cheaper prices on electronics and plastic crap, loads of credit card debt so they can keep up with the life styles they can no longer afford (thanks to Clinton and financial deregulation) and don't forget asset bubbles to make them all believe they are getting rich in the housing and stock markets. Media's job is to keep people busy fighting with one another and to distract most people from seeing the truth. I always thought it strange that people in the West are told that gold is a "pet rock" from the likes of Warren Buffet -- while in the East China's leader Xi tells his people to buy gold. I think Trump, though not a great person, is really waking people up - and if you think about the trade wars he is not only fighting China, but he is fighting witht US multinational corporations that moved their manufacturing over seas. He is great, I love that he is exposing the lies of these bad agreements. NOw he is going after the WTO which really is nothing more than an agreement to corporate fascism. NOt to mention NATO, which should have been dismantled after the fall of the Soviet Union. God Bless TRUMP!!
That can slow down business activity around the globe by crimping international trade. In a worst case scenario, trade wars can lead to a global depression @maneco64
The trade we have now is not one of free markets -- it is a rigged system fostered by trade agreements that favor multinational corporations. The multinational corporations acting in collusion with banks set up these bad agreements -- they do not help average person. The world is already in a depression and it is only cheap credit that is keeping this illusion running.
I personally think it's all the debt and imbalances that could lead to a great depression and economic slowdown. Trade Wars are a symptom of the fraudulent fiat money system that actually cause all the troubles in the first place.
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