The excitement and jubilation about all the trade agreements being formed with China that signal the long awaited “Death of the Dollar” once again shows the need to see things in historical perspective to understand the “why.”
The Bretton Woods System effectively came to an end in the 1971 when President Nixon announced that “the US would no longer exchange gold for US currency.”On June 6, 1944, D-Day, the allies landed on the beaches of Normandy. The Battle of the Philippine Sea eliminated the Japanese Navy’s ability for carrier actions. On June 22, the Soviets launched an offensive in Belarus almost completely destroying the German Army Group Centre that had invaded the USSR.
Eventually, those 44 nations—minus the USSR—had figured out how to take advantage of Bretton Woods by ignoring and breaking their currencies’ exchange rate peg to the dollar and were draining the US gold supply. August 15, 1971: “President Nixon announced that the US would no longer convert dollars to gold at a fixed value, thus completely abandoning the gold standard”. August 16, 1971: The World to the USA: “Well then, we don’t need your damned dollar anymore. Bite me.
About 1980, China’s manufacturing started taking off, and eventually became the “drug dealer” to the US, the drugs being furniture, clothes, toys, computers, and genuine drugs like vitamin C and now fentanyl. But the one thing that a drug dealer hates is when its biggest buyer runs out of money and even has trouble “stealing” and borrowing to pay for the habit. Eventually, you have to cut the addict off and look for new customers.
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