Episode 373 - The Global Economy is a Pyramid Scheme - End of the Road

This text outlines how the Bretton Woods system, established post-WWII, initially pegged currencies to the US dollar, which was in turn backed by gold. It explains how this system was abandoned in 1971 when the US suspended the dollar's convertibility to gold due to deficit spending, creating a fiat currency system where money is not tied to tangible assets but rather government promise. The source argues that this has led to a global economy functioning like a Ponzi scheme, reliant on continuous borrowing and money printing, which they contend results in inflation and a decline in living standards. Finally, the text suggests that a return to a gold-backed currency is necessary to protect against the potential collapse of this system, asserting that gold's price is artificially suppressed to maintain confidence in fiat currencies.


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