The title is not hyperbole, because all fiat money is essentially fraudulent. From Egon von Greyerz at goldswitzerland.com:
“So you think that money is the root of all evil. Have you ever asked what is the root of all money?”
Money used to be a stable medium of exchange and a store of value but that was in the days when there were sound monetary principles, mostly backed by gold or silver.
Since 1913 and especially 1971 there is no discipline and no morals when it comes to the issuing of money as unlimited amounts of
fake fiat money is printed at will.
In today’s fiat money world, there is only one answer to Rand’s question “What is the root of all money?”, namely:
“Evil is the root of all fiat money.”
– Egon von Greyerz
On the IMF (International Monetary Fund) website there is an article stating that “Money is something that holds its value” – Hmmm…..
The meeting of bankers and politicians on Jekyll Island in November 1910 laid the foundations for the Federal Reserve Bank. Three years later in 1913 the Fed was founded.
From that moment on, private bankers were running the US monetary system including the printing of money. But the British pound, backed by gold until 1931, was the global currency of choice until then.
CURRENCY SYSTEMS ARE EPHEMERAL
The Bretton Woods Agreement in 1944 established a new currency system based on the dollar. From that time, all major currencies were pegged to the US dollar and the dollar itself was pegged to gold at $35 per ounce. The dollar thus became the world’s reserve currency bolstered by big gold reserves. These were accumulated gradually from the early 1900s to the late 1940s. The US received payment in gold during WWII from its sales of arms and other supplies.