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Source: Operation Disclosure | By David Lifschultz, Contributing Writer
Submitted on November 30, 2022
THE DEATH OF THE DOLLAR
Compliments of the Lifschultz Organization founded in 1899
An ounce of gold in dollars was worth in 1833 $18.93, in 1900 $18.96, in 1920 $20.68, in 1934 $34.69, in 1971 $40.62, in 1974 $154.00, in 2005 $44.74, in 2005 $444.74, in 2016 $1250.74, today it is $1769.50. See footnote two for a chart. The depreciation of the dollar against gold is a demonstration that the is dying. It will eventually be worth nothing.
How does this happen? The western system is founded on interest or usury. If there are 244,000 tons of gold in the world and the interest rate were 5% a year on the loan of all of it, then at the end of the year you would have a default as there would not be the 5% gold in the world for the interest. This is the fallacy that Aristotle treats saying the usury system was against nature as gold could not procreate the interest and of course the Bible forbids it for the same reason.
Now let’s turn to the dollar system or the SWIFT-CHIPS payment system. This is denominated in fiat money called the dollar. There is nothing behind it and this is why the cryptos thought that they could do the same if anyone would accept their crypto currency even though it was as worthless as the dollar neither of which has any intrinsic value. The collapse of the cryptos portends the collapse of the dollar.
The first symptom of a coming FTX wreckage of the dollar was when the US and others seized the gold and dollar reserves of Russia. This was a fatal error in the sense that if China were sanctioned by the US they could lose their reserves also to such confiscation. A precedent has been set. The banking system is based on trust even if the trust is in nothing (fiat money) and this breach of trust is starting the first great schism in the international financial system as major powers are shifting to another system. See footnote one. In a theological sense this is what happened to the Catholic Church when there arose a Protestant Schism.
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It was a fatal mistake by the US as the US incurs each year a $821.4 billion dollar current account deficit on its foreign account, and if half the participants leave the dollar system the US will not be able to sustain this purchasing power as they may not accept dollars. The US will not be able to pay for its imports in the fiat dollar that has no intrinsic value. There a good aspects about this in that nations as individuals should live within their means. Now this is not so bad theoretically but the adjustment for the US may be catastrophic as it may not be able to pay for half its imports as half the world will be out of the dollar system.
Now my good friend Sergei Glaziev of Russia is creating the new currency system outside the dollar system using a basket of fiat currencies and perhaps some gold to create an alternative international financial system to compete with the dollar. I have advised him if he wants to end the dollar suzerainty he need merely create a gold ruble system convertible into gold and this unlike the cryptos would wipe out the dollar system. Of course, he could join hands with China, Brazil, India creating a new currency called the Klondike.
In the absence of effectively enforced legal tender laws, Gresham’s law tends to operate in reverse; good money drives bad money out of circulation because people can decline to accept the less valuable money as a means of payment in transactions.
Below is the fatal error.
Elvira Nabiullina said plans were being made to launch lawsuits after governments including the US, UK and EU froze the Russian central bank’s foreign currency reserves held within their jurisdictions.
“This freezing of gold and foreign exchange reserves was unprecedented, so we are going to work on legal claims, and we are getting ready to put them forward,” Nabiullina was quoted as saying by the Kremlin-backed Tass news agency.
David Lifschultz
THE LIFSCHULTZ ORGANIZATION
DAVID@LIFSCHULTZORGANIZATION.COM
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