Might gold overcome the US dollar and exist as the US legal tender yet again? The United States constitution stipulates that precious metals are indeed money, yet ever since former President Richard Nixon quit the Bretton Woods agreement, they aren’t anymore. Therefore, the American dollar continues to drop in value, unlike gold & silver. Some citizens, when viewing the price of gold and silver, see that they have been climbing. Still, that isn’t the true story. When you see that gold and silver prices have been soaring, what that really embodies is that the value of the American dollar has descended.
Informed elected leaders knew this stuff. Only Recently, the state of Utah said that it is acceptable to transact in gold and silver coins as money. Transactions conducted in this currency are not subject to taxation. Consequently, businesses have instituted a debit card just like a credit card in order to ease these transactions, which makes gold and silver a feasible alternative to US dollars. Now, Georgia and eleven different states are in the process of doing it too. Some of these elected government officials know that there’s a possibility of a tragedy that could end with a downfall of the Fed. In reality, they are not the first people to become aware of this.
Top 10 Reasons Why the US Dollar Will Lose Its Status as the World’s Reserve Currency
1 – The United States Federal Reserve Bank has printed money and exported inflation to the rest of the world. We cannot continue this without recourse.
2 – The United Nations wants a world that isn’t dominated by the US and is now calling for a different world reserve currency.
3 – The International Monetary Fund has also called for a new global reserve currency, they labeled the Bancor.
4 – China & Japan for the first time, will trade with their own currencies, when before, they converted into US dollars first.
5 – Africa’s leading trading partner is now China and is using only in its currency over there rather than US dollars.
6 – China and Russia have already commenced trading only in their own respective currencies last year.
7 – Brazil, Russia, India, China, and South Africa (the BRICS) have prepared to do the same. They will only trade in their own respective currencies from here on. The World Bank’s outgoing President, Mr. Robert Zoellick, is calling for a bank for the BRICS countries.
8 – India & Iran deal with gold during transactions in oil.
9 – The China & the UAE currently conduct business in their own respective currencies for oil deals. The petrodollar system is starting to crumble.
10 – China has overtaken America as the number one importer of oil from Saudi Arabia. This might be the death of the petrodollar system.
We have usually had much cheaper oil compared to everyone else. This is specifically a benefit of the petrodollar system. If the system is finished, it would be a blow to the US economy. If the US dollar is no longer the reserve currency of the world, it will affect our economy severely and cause people to run back into gold and silver. Both of these events are occurring soon. Businesses and state governments are preparing for this likelihood. How about you?
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