U.S. politicians and bureaucrats don’t need any help to destroy the dollar. They’ve been doing their best since 1971. From Matthew Piepenburg at goldswitzerland.com:
Below we separate the hype from the sad reality of the USD in the face of a new “BRICS currency.”
Net conclusion: The real death of the USD will be domestic not foreign.
The Bell Has Been Tolling for Years
When it comes to the “bell tolling for fiat,” we can all hear its loud chimes, but that bell has been tolling since 1971 (or frankly 1968), when the US leadership decoupled the world reserve currency from its golden chaperone.
Like any teenager throwing a house party, the lack of a parental chaperone leads to lots of crazy events and lots of broken furniture.
The same is true of post-71 politicians and central bankers suddenly freed of a gold-backed chaperone and thus suddenly loaded with drunken power to mouse-click currencies and expand deficits.
And since then, all kinds of things have been breaking, from banks to bonds to currencies.
And now, with all the extreme hype (and, yes, some genuine reality) behind the headlines of a revolutionary gold-backed BRICS trade currency, many are making sensational claims that the World Reserve Currency (i.e., USD) is nearing its end and that fiat money from DC to Tokyo is effectively toast.
Hmmm…
Don’t Bury the Dollar Just Yet
Before we start tossing red roses over the shallow grave of an admittedly grotesque US Greenback in general, or fiat fantasy money in general, let’s all take a deep breath.
