``As things turned out, the US ran out of gold in 1971, and from then on, the monetary system began to run exclusively on the un-redeemable dollar. What then happened is that the US continued to purchase everything it desired, in any amount, in any place in the world in exchange for dollars which it created out of nothing, but which the world had to have at all costs, because the lack of dollar reserves in national treasuries of other countries in the rest of the world meant monetary collapse for such countries. ''

Comments: Be the first to add a comment

add a comment | go to forum thread