No, I disagree.

The first traditional gold standard was modified, not "abandoned", by the establishment of the Federal Reserve in order to facilitate the debt expansion necessary to finance rapid increases in productivity due to the discovery of huge amounts of high EROEI oil.

The second gold standard (the Bretton Woods Agreement established after WWII) was abandoned by Richard Nixon in 1971 in order for the USA to retain the exorbitant privilege of being able to print the world's reserve currency in spite of accelerating trade deficits. He "cleverly" did this by promising the House of Saud military protection in exchange for their agreement to only accept dollars when selling their oil. Thus the start of the Petrodollar and the end of a gold-backed dollar.

High EROEI oil is a thing of the past as is our current monetary system. I encourage everyone I meet to get some gold and bitcoin to help weather the coming storm. An excellent platform for both is Kinesis Money. If anyone reading this is encouraged to open a Kinesis account, please use my Referral Link.

SGI Buddhist, Loves Irish and Latin American Literature, History buff, knows a great deal about Medicare

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