The statement above is of course totally accurate for a country running budget and trade deficits for over half a century with a total debt, including unfunded liabilities, in the hundreds of trillions of dollars. It could have been said today, but it actually dates back to August 1971 when the People’s Daily in China declared the beginning of the end for the monetary system of the capitalist world. This prescient statement certainly has Cassandra characteristics. Cassandra was the princess of Troy who was given the gift to make prophecies that were true but no one believed. The Chinese government saw already 48 years ago that Nixon’s decision to end the gold backing of the dollar would be the end of the dollar and the Western monetary system. No one believed their prophecy at the time. But they are being proven right. THE CHINESE PREDICTED THE DOLLAR FALL Starting my working life in a Swiss Bank in Geneva two years before Nixon’s fatal decision, I have experien...
from GoldBroker.com https://www.goldbroker.com/news/value-the-dollar-has-no-guarantee-whatsoever-1484
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