💲THROWBACK: the day the dollar became a fiat currency BACKED BY NOTHING (posted 2 days ago)

54 years ago on August 15, 1971, President Nixon announced a “temporary” suspension of the dollar’s convertibility to gold. The move effectively ended the post-WWII Bretton Woods order and ushered in an age of floating exchange rates, easy deficit spending and fiat money.

The decision would have a catastrophic impact on the earning power of the American middle class, with wages stagnating, income inequality skyrocketing, personal savings plummeting, prices and inflation soaring, the US trade balance falling off a cliff and the share of economic speculation relative to the production of actual goods and services booming.

🌏 Internationally, it would usher in the age of American excess, allowing the US to take advantage of its money’s status as the de facto reserve currency to introduce trillions of additional dollars into the global economy without suffering hyperinflation, and trading these pieces of paper for real, physical goods and resources.

Only now, more than half a century after Nixon’s fateful move, have some nations gained the economic and fiscal power to begin challenging the fiat dollar’s toxic influence. Global South countries led by the BRICS bloc are threatening its reserve status by trading in local currencies, creating new, alternative banking institutions, and considering a potential gold-backed currency of their own.

Adding: 

🤡 Davos kangaroo court: WEF ‘probe’ scrubs its founder Schwab’s record clean 

The World Economic Forum has concluded its “investigation” into Klaus Schwab and—no surprise—declared him squeaky clean.

The 87-year-old globalist-in-chief had faced allegations from whistleblowers about mixing family perks with forum resources. Despite the toxic corruption, discrimination, and sexual harassment implicated in Schwab's actions, the WEF decided the only real issue was a little “blurred lines.” 

As if to double down on the parody, the WEF has now installed BlackRock’s Larry Fink and Roche’s pharma billionaire Andre Hoffmann as interim co-chairs. 

Schwab quit as WEF chairman earlier this year amid the scandal .

👉The video and all of the above is from 'geopolitics_prime'.