#dollar #convertibility #gold #silver #brettonwoods #money #storeofvalue #fiatcurrency #inflation #deflation #federalreserve
With the extreme monetary and fiscal policies being implemented by the Powers that Be at the Central banks and Treasury ministries of the world it is important for us to look back at what John Exter said about our current monetary system.
He concluded that we have had since President Nixon closed the gold window on August 15, 1971, a system in which currencies are basically IOU Nothings as he called it.
Even though today's fiat currencies are a good medium of payment and a good standard-of-value they will eventually fail completely because they will be a very bad store-of-value money as bankers will over-issue them as they are not convertible into anything.
"Currencies Today Are "IOU Nothings" by John Exter: https://www.aier.org/wp-content/uploads/2013/11/EEB197206.pdf
John Exter: https://en.wikipedia.org/wiki/John_Exter
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Thanks again for the report, on John Exter, and Powers that Be... @maneco64.
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Thank you for these valuable advice. Thanks to our friend @greenman who supports your unique content
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