
In 1970, without consent or knowledge of its honest people, US Government cataclysmically defaulted on a staggering amount of gold bars, cheating ALL countries of the entire planet ! Equivalent to 60 billion in US dollars at that time! It simply refused to enforce a 25 years old contract clause, signed after WW2, where, in exchange for an exorbitant privilege of becoming the only world currency ever, US Government got committed to redeem dollars for gold. It means to deliver physical gold in an amount equivalent to US-bills at 35 dollars/ounce rate, when eventually demanded for redemption at Treasury, though permitted it to foreign governments only. Such agreement in 1945 settled during Bretton Woods Agreement on International Monetary System Conference, provided an unprecedented "international currency" for international trade. It was backed by gold, but made through the use of US dollars notes - a solid currency then. Good deal for all. That was the 1945 "Dollar-Gold" monetary system. Thus made, and under US Treasury guarantee of redemption in gold, countries started to accept solid dollars from each other as payment for their goods, all sold around the world: food, natural resources, oil, sugar, coffee, minerals, aircrafts, cars, everything! And international trade got a remarkable boost. A fantastic deal for US as international commodities started to be priced in dollars, creating a huge international demand for dollars, which US were happy to print ink on paper and <b>...</b>
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