{"id":32534,"date":"2018-03-19T11:00:41","date_gmt":"2018-03-19T16:00:41","guid":{"rendered":"http:\/\/olduvai.ca\/?p=32534"},"modified":"2018-03-19T11:01:04","modified_gmt":"2018-03-19T16:01:04","slug":"the-demise-of-the-dollar-the-rush-to-gold-is-here","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=32534","title":{"rendered":"The Demise of the Dollar: The Rush to Gold is Here"},"content":{"rendered":"
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The Demise of the Dollar: The Rush to Gold is Here<\/a><\/h3>\n
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The US dollar has been dominant as the global reserve currency for a century. It was backed by gold, and the phrase, \u201cgood as gold,\u201d had a literal meaning. Each dollar bill<\/a> was worth its equivalent in physical gold. This made the dollar the world\u2019s most respected and accepted currency.<\/div>\n<\/div>\n<\/div>\n<\/header>\n
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These days, the dollar is joined by the euro and the yen as accepted currencies. No longer dominant, the dollar is losing its global position. Can it survive?<\/p>\n

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Early in the 20th<\/sup> century, the US was the most powerful nation on earth, and the dollar reflected that power. Our gold reserves were larger than those of any other country, thus setting the standard worldwide. The US dollar was, indeed, good as gold.<\/p>\n

By the late 1940\u2019s, the Federal Reserve started to print money that wasn\u2019t back by gold. Rising inflation only encouraged the government to print more money without the gold reserves to back it. Gold prices rose to such new heights, all US currency stopped being back by any gold. The powerful US dollar began to turn into monopoly money. Gold price tripled as the dollar continued to lose value.<\/p>\n

That\u2019s how the Petrodollar was born<\/a>, a political move more than a smart currency move. With the US importing more oil than anyone else from Saudi Arabia, then Secretary of State Kissinger arranged to have the price of oil based on the US dollar. All countries were to pay for oil with dollars.<\/p>\n

…click on the above link to read the rest of the article…<\/p>\n<\/div>\n

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The Demise of the Dollar: The Rush to Gold is Here The US dollar has been dominant as the global reserve currency for a century. It was backed by gold, and the phrase, \u201cgood as gold,\u201d had a literal meaning. Each dollar bill was worth its equivalent in physical gold. This made the dollar the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[374,18792,647,839],"class_list":["post-32534","post","type-post","status-publish","format-standard","hentry","category-economics","tag-gold","tag-gold-telegraph","tag-precious-metals","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32534","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32534"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32534\/revisions"}],"predecessor-version":[{"id":32535,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/32534\/revisions\/32535"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}