the dollar’s long, slow slide to zero that began on December 23, 1913 when the Federal Reserve was born. Everyone paying attention knows that the Fed has sapped the dollar of 98% of its purchasing power since then. Criminal? Yes. But not urgent.
I’m talking about Vladimir Putin’s plans to circumvent the dollar in global trade. He, together with China, is making alarming progress toward undermining the dollar’s hegemony and all of the vast advantages the US Empire enjoys because of it.
The US government, of course, has a long history of protecting the dollar’s dominance and won’t let its special privileges go easily. Just for fun, before I pass the baton to Bud, let’s take a peek at the fate of three other prominent figures who dared to challenge king dollar:
September 2000—Saddam Hussein proclaims that he will sell Iraq’s oil for euros instead of dollars.
March 2003—The United States invades Iraq. Nine months later, US forces find Hussein hiding in a spider hole.
December 2006—Hussein is hanged.
Late 2010—Muammar Gaddafi calls on African and Muslim nations to create a new gold-backed currency called the dinar to challenge the dollar.
March 2011—A coalition of Western countries attacks Libya.
October 2011—Gaddafi is either beaten or shot to death, depending on which report you believe.
February 2011—Dominique Strauss-Kahn, managing director of the International Monetary Fund, calls for a new world currency to challenge the dominance of the US dollar.
May 2011—A maid at the Sofitel Hotel in New York accuses Strauss Kahn of sexually assaulting her. Strauss-Kahn loses his position at the IMF. He is subsequently cleared of any wrongdoing.
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