U.S. Has Plundered World Wealth With Dollar

This is the headline from a recent Reuters article, which you can follow the link to at the end of this post.  It seems the Chinese are upset about how our government is manipulating the markets for its own self-interest.  How is this possible?  Our Federal Reserve System, of course.

The Chinese, who benefit from a massive trade surplus with the US, have been taking their proceeds and buying dollar denominated assets.  Now, they rightly are starting to question whether we will have the ability to ever repay all our burgeoning national debt.  The ChiComs don’t like to be screwed any more than the American middle class does, but unlike us, they can do things outside the US Government control.

They want to begin building a New World Financial Order, built around currencies other than the dollar.  Why should this be of concern to us?  Because when we go to borrow money in the future, it will cost us considerably more in interest to do it.  The Federal Reserve will not be able to pay it off by running the printing press a few extra hours a day.

A return to the gold standard would be the best plan of action, as the gold supply can not be manipulated by any one government in the international community.  The Chinese have apparently figured out that good ole Uncle Sam is manipulating its money supply, and they now want to start a new system.  This again shows that the ultimate future for paper based currency is in inflation, and destruction of the currency itself.  Let us take the opportunity to back our currency with something of value.  Let’s get back on the gold standard.

See the Reuters article: U.S. Has Plundered World Wealth With Dollar