Letter: Current Federal Reserve will destroy America, the world - Ahwatukee Foothills News: Letters To The Editor

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Letter: Current Federal Reserve will destroy America, the world

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Posted: Saturday, December 21, 2013 8:45 am

In 1945 all of the industrial nations met in Breton Woods, N.H., to discuss currencies in a global environment. These nations decided that the American dollar should be the international currency, because it was gold backed, America was the leading manufacturing giant, and was a responsible country. All of these nations pledged to peg their currency to the dollar, as it was gold backed, making their currency gold backed. Things changed through the years, as in 1971 Nixon removed the gold backing from the dollar, showing irresponsibility to the rest of the world. America then started to expand its money supply from $800 billion to $2.4 trillion (in 2010). So, we made a conscious decision to inflate the dollar by 200 percent. Forcing all of the countries that were pegged to the dollar to expand their money supply, in order to keep the same currency conversions.

When a country expands the money supply, without gold backing it causes inflation. This money is called Fiat currency. Today all of the countries in the world have inflated, Fiat currencies, except China. There have been thousands of countries with Fiat currencies, and all have failed. So far, the maximum lifespan of Fiat currencies have been 43 years. America will have had our currency for 43 years in 2014. Expect us to collapse!

No one knows what is going to happen when these currencies all collapse. Of course, it won’t end happily. I suspect that a massive world depression will occur, and because we have expanded our money supply by a huge amount America will suffer the most. Keeping the Federal Reserve in place only will exacerbate the situation. I hope that everyone out there understands that what America is doing is going to destroy, not only America, but the whole world.

Don Crook

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