Turning Hard Times Into Good Times

Chris Powell, Dr. Quinton Hennigh and Michael Oliver return. On August 15, 1971 President Nixon detached gold from the world’s monetary system and declared “We are all Keynesians now.” By so doing he set the stage for massive amounts of inflation not only in consumer prices but in stock and bond prices that served to siphon wealth from the middle class to the billionaire class to an extent even greater than the Robber Baron period of the 1920s. To con the world into using an intrinsically worthless dollar after 1971, the Nixon administration used the U.S. military to protect the power of the Saudi Arabian royal family in exchange for requiring oil sold globally by OPEC to be priced in U.S. dollars. But even with a dollar propped up by oil and the U.S. military, during times of market tumult investors instinctively opted to exchange their dollars for gold which posed a threat to dollar hegemony. Hence, the BIS and major central banks have arranged for member banks to suppress the price of gold using the future