A WORKING MAN'S REALITY: 1971 to Today
02/14/2018 (Wed) 17:25:54
The current US economic system is broke, but has been for a long long time. The Fed has devalued our currency, via massive debt creation, by 98+ % since Nixon defused the dollar from the gold standard in 1971.
When Nixon scrapped the US gold standard, we defaulted on the Bretton Woods Agreement of 1944 (which was why the US became a massive superpower and economic powerhouse right after WWII).
Nixon and his sidekick, Secretary of State Henry Kissinger, knew that their destruction of the international gold standard under the Bretton Woods arrangement would cause a decline in the artificial global demand of the US dollar. Later they set up agreements with OPEC nations to set up a US global reserve currency which would be tied to global oil trade, known as the US Petrodollar. In order for other countries to buy oil from these OPEC nations, they needed to exchange their currencies for US dollars, or US T-bonds.
Fast forward to 1974 and the petrodollar system was fully operational in Saudi Arabia. The US govt then exploited this system and began building an Empire and aggressively spending more and more money they did not actually have, thus creating more and more debt via Congressional budgets and the Federal Reserve system.
Fast forward to the 1980s, when we began outsourcing all our industry to countries like China. Industries knew that as the US govt continued insolvent spending polices, that taxes would continue to rise, and that they would end up making more profit by simply outsourcing to countries with cheaper labor and cheaper taxes.
The US govt did not care about the consequences of their insolvency and addiction to debts. They kept spending more and more.
By the time NAFTA was signed into law in 1994, around half of America's productive industry had been outsourced! What happened to all those good 'ol jobs? They were replaced by a socialist welfare state of-course! An ever-growing welfare state.
This insolvent government created ripple effects. Welfare skyrocketed (because so many Americans no longer had jobs/income), poverty skyrocketed, what were once decent places to live became ghettos! Literal shitholes across American landscape. The middle class began shrinking, NOT increasing!
Fast forward to 2001, after the 9/11 false flag attack. Government spending skyrocketed by billions of dollars per year. Well more than half of American industry had vanished. Taxes were higher than ever before in our history. We began wasting trillions of dollars on "the war on terror" and still lost those wars.