I have been reading the startling reports over the last while of China and Russia's agreement to end their international trade using the US Dollar and instead use their own currencies for trade and commerce... And it seems that other BRICS nations will follow the Russian/Chinese lead and do all of their trading in currencies other than the US dollar as well. This is an unmitigated disaster for the United States and could indeed spell the end of the US dollar as the world's one and only international trading currency since the days of the Bretton Woods agreements of 1944.How bad is it for the future of the US dollar and the US economy as a whole? To help answer that question I want to turn to a very interesting and informative article that comes from the FTM Daily online news site, at www.ftmdaily.com. This article is entitled: "The Slow And Humiliating Death Of The US Dollar", and is a must read by everyone, especially in the United States itself, in understanding the consequences of the moves by nations to no longer trade in US dollars, and what the US may be insane enough to do to counter these moves...I have that article right here, and of course my own thoughts and comments to follow:The Slow and Humiliating Death of the U.S. Dollar by Jerry Robinson on May 22, 2014
‘BEGINNING OF THE END’
The Slow Humiliating Death of the U.S. Dollar
FTMDaily.com – The U.S. dollar is on the ropes. Since the creation of the Federal Reserve in 1913, the value of the U.S. dollar has plummeted by over 90%. And based upon global economic developments, it is not a stretch to say that we are now witnessing the “beginning of the end” for the U.S. dollar. Although I have been proclaiming this message of the dollar’s demise for many years, it has never appeared more inevitable than now. The new financial and banking integration that is taking hold between the governments and economies of Russia and China is the most serious challenge to face the U.S. dollar since it officially became the world’s reserve currency in 1944 at the signing of the Bretton Woods agreement.In the post-World War II era, the U.S. economy became great through the exorbitant privilege of holding the world’s reserve currency. America’s economic hegemony was severely tested in the late-1960′s and the early 1970′s as foreign leaders grew anxious over Washington’s reckless overspending — and thus, its devaluation of its own currency. By the summer of 1971, the Bretton Woods system had completely broken down. Fortunately for America, the Nixon administration had a “PLAN B,” which would become known as the petrodollar system. I have written extensively on this topic. Preparing for the Collapse of the Petrodollar System — READ HERE >>Despite the wild success of this global “dollars for oil” system, the unsustainability of this system is becoming increasingly apparent.Throughout history, world reserve currencies tend to die slow and painful deaths. For example, as America’s economy rose to eclipse that of the British empire, the pain was not just financial, but also emotional. British pride faded as the torch of empire was passed from Great Britain to America. So too, the American empire has entered its twilight years. Rising superpowers across Asia — and throughout Europe — are not satisfied to simply level the playing field of the global economy. Like all rational economic actors, they desire “the scales to be tipped in their favor.”In yesterday’s Briefing, I stated my belief that the world is heading quickly towards a time of cataclysmic warfare. My view is rooted in America’s own history of launching wars in an effort to force its economic will upon other nations. Put simply, the U.S. will use all of its strength to prevent the dollar from being diminished in global trade. But America’s resistance to the evolving global economy is futile. Empires rise and empires fall. And the greater the empire, the greater its fall. In America’s case, the fall will be particularly great due to its sheer size and influence. Today, a growing list of nations has grown impatient with Washington’s economic shenanigans and its aggressive military posture. In addition, many nations are growing increasingly agitated by America’s snooping operations and intrusive surveillance methods. Our nation is in deep trouble…Our economy is in shambles…Our currency is overinflated…Our leaders are weak and indecisive…Our “allies” are questioning our reliability…And “enemies” are plotting our economic demise…Put simply, these are the twilight hours of the American empire. Until tomorrow, Jerry RobinsonNTS Notes: I could not agree more with the assertion that the US is actually insane enough to contemplate total world war, even nuclear war, to keep their failing dollar as the world's only international trading currency.We have seen already the consequences of nations that dared to try to trade in currency other than US dollars... Saddam Hussein was moving rapidly to move Iraq away from US dollars and start its international trade in Euros back in 2001, and lo and behold the US invaded that nation in 2003 and forced Iraq back onto US dollars as a result.... And we have Muhammar Gadaffi and his push to trade in gold backed Dinars starting in 2010... The US and their cronies in NATO put an end to Gadaffi's dream by destroying his nation in 2011 and forcing Libya back onto the US dollar as a result....But now with both Russia and China moving away from US dollars in their international trade, is the US insane enough to go to war against these nuclear powered giants? The answer sadly is .... Yes.... We have been watching all the rising rhetoric of anti-Russia propaganda in all the lying media, and it does appear this is being done to groom the American public into accepting war with Russia as being "unavoidable"....The fact is that the US is responsible for the US dollar's destruction by allowing criminal Jewish bankers to seize control of the nation's monetary system by the introduction of the most evil fractional Usury "Federal Reserve" system back in 1913.... With that criminal act, the US automatically started itself on the road of unending debt load that now has the nation at the point that it can no longer pay off its debt and would have collapsed a long time ago if not for first the Bretton Woods agreements, and the subsequent and equally criminal Petro-dollar schemes....Is there a solution? The answer has always been YES... The US must immediately end the power of the Federal Reserve, end its debt immediately (debt is artificial and can be eliminated by just the stroke of a pen), and start printing all of its currency debt free and totally under the control of the US government itself. But the US federal government will NOT end the Fed, because most of the criminals in that government are controlled by the criminals who run the Fed itself...... The people of the United States are the only ones who can end this madness by taking back control of their own government from these criminals... Time is indeed running short, and without any action, the US will either collapse, or it will indeed be the catalyst for a new world war that will cost the lives of billions. More to comeNTS