"In short, the U.S. was able to convince other nations to save in dollars instead of in gold by guaranteeing that the dollars could be redeemed for gold. But eventually, U.S. officials rug-pulled the world, refusing to redeem billions of dollars that had been spent into the hands of foreign governments under the promise that they were as good as gold through fixed rate redemption.This deceit allowed the U.S. government to finance an ever-expanding military-industrial complex and inefficient welfare state without having to make the traditional trade offs a country or empire would make if its deficit grew too large. Instead, since U.S. policymakers figured out a way to bake American debt into the global monetary base, it never had to pay off its debt."
Join Guy Swann as he narrates Alex Gladstein's recent article for Bitcoin Magazine, titled "The End of Super Imperialism". Gladstein gives us an excellent historical recount of how the U.S. dollar became the global standard, and how the U.S. essentially "rug pulled" the entire world by abandoning the dollar's convertibility to gold.
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