#bitcoin #USD #petrodollar
Is the Collapse of the Petrodollar Imminent? Here's How It Could Impact the World's Reserve Currency - by Nick Giambruno
It’s been rightly said that "he who holds the gold makes the rules."
After World War 2, the US had the largest gold reserves in the world, by far. Along with winning the war, this let the US reconstruct the global monetary system around the dollar.
The new system, created at the Bretton Woods Conference in 1944, tied the currencies of virtually every country in the world to the US dollar through a fixed exchange rate. It also tied the US dollar to gold at a fixed rate of $35 per ounce.
The dollar was said to be "as good as gold."
The Bretton Woods system made the US dollar the world’s premier reserve currency. It compelled other countries to store dollars for international trade or to exchange them with the US government for gold at the promised price.
However, it was doomed to fail.
Runaway spending on warfare and welfare caused the US government to print more dollars than it could back with gold at the promised price.
By 1967, the number of dollars circulating had drastically increased relative to the amount of gold backing them. This encouraged foreign countries to exchange their dollars for gold, draining the US gold supply at an alarming rate and collapsing the London Gold Pool. At this point, it was clear this system was breaking down.
On Sunday night, August 15, 1971, President Nixon interrupted the scheduled TV programs and made a surprise announcement to the nation—and the world. He announced the unilateral end of the Bretton Woods system and severed the dollar’s last tie to gold.
The end of the dollar’s gold backing had profound geopolitical consequences.
Background footage from: [ Ссылка ]
🚀 ₿UY, SELL, SWAP & STORE CRYPTO SAFELY & INSTANTLY HERE ON COINSPOT (🐨Top Ozzy recommendation) - [ Ссылка ]
🚀 ₿UY, SELL, SWAP, STORE, TRADE, EARN, STAKE, YIELD FARM & MUCH MORE SAFELY & INSTANTLY HERE on Binance - $100 USDT sign-up bonus!
(🌎Top global recommendation) - [ Ссылка ]
💙FOLLOW ME ON TWITTER: [ Ссылка ]
🪙Do everything crypto safely here - www.thecrypto.land
📘BUY MY BOOK: 28 Pro-Trader Tips. The Art of Trading
[ Ссылка ]
📝Do your crypto taxes safely, easily and accurately with the Crypto Tax Calculator.
Use this link for a 35% discount -
[ Ссылка ]
👨🎓 LEARN HOW TO ₿UY/SELL/STORE/SWAP CRYPTO IN AUSTRALIA HERE - [ Ссылка ]
👨🎓 LEARN HOW TO ₿UY CRYPO GLOBALLY HERE - [ Ссылка ] 🔒
🔑 BUY A HARDWARE WALLET SAFELY HERE - [ Ссылка ]
📈Swing or day trade safely on ByBit here: [ Ссылка ]
or on Binance here:
[ Ссылка ]
🎁 Please consider supporting this work by donating any amount of Bitcoin to: 1NNFdLKfiQeAr9GTy4sM1WGR8ynXW1SP9x
or Litecoin to:
LVyfFWhirqLypoknL6a2PYmZ4UygKurvdu
or Ethereum to:
0xa7b574b07152e2c0882375fbf7721114c3328dd2
or
DONATE VIA PAYPAL:
PayPal.Me/thecryptoland
Thank you for helping me help you. Happy investing ~:-)
⚠️DISCLAIMER⚠️
• The views, opinions and information in this video provided by The Crypto Land Company Pty Ltd (ACN 651 156 562) trading as Adam Stokes (us) are for general information, education and entertainment purposes only and do not take into account your personal circumstances, financial needs or objectives.
• The information provided does not purport to offer financial, legal, tax or other professional advice and should not be interpreted as an endorsement of any investments or currency, including cryptocurrencies in general, or any specific cryptocurrency, service or offering and any interviewed guests. All investments, Cryptocurrencies are speculative, complex, highly volatile and involve significant risks.
• Use caution and always seek independent advice from a specialist financial advisor or accountant. You agree to hold us harmless for any loss you may suffer as result of viewing any of our videos.
• You agree to read carefully any relevant Product Disclosure Statement or other offer document of a particular product or service before acting on any information provided in any of our videos.
• You agree to be bound by the full Terms and Conditions and Disclaimer and Waiver freely available at www.thecrypto.land
• All our videos are protected under Australian Copyright Law. No unauthorised copying, reproduction, distribution or exploitation of any of our videos. ©The Crypto Land Company Pty Ltd (2021), all legal rights reserved.
