The Geopolitics of World War III
The U.S. dollar is a unique currency for many reasons, though the reasons that matter most are not necessarily widely known.
Posted June 24, 2019
Prior to 1971, the U.S. dollar was bound to the gold standard - or at least that is what the world operated under the belief of. The filmmakers highlight that the International Monetary Fund reports that in 1966, foreign central banks and governments held 14 billion U.S. dollars. While the United States did have $13.2 billion in gold reserves, most of that was needed to cover domestic holdings and only $3.2 billion of it was available for foreign holdings. What that means is the U.S. was printing more money than it could cover, and inflation naturally ensued. To quell the fire, the Richard Nixon presidential administration took the dollar off the gold standard and made it a debt-based currency.
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