A hundred years ago global bankers who had placed their faith in the dollar needed a world war so that the dollar could assume its place in the sun. As 1913 drew to a close, the US Congress, under strong pressure from the «moneybags», voted in favor of creating the Federal Reserve System, which in 1914 began to print dollar banknotes as the unified national currency of the US, and six months later world war broke out. The war changed the balance of power between the mightiest nations and their currencies. In 1928, the world’s foreign-exchange reserves were distributed as follows (%): the pound sterling - 77; the US dollar - 21; and the French franc - 2. (Officer, Lawrence H.). That meant that the pound sterling, despite Great Britain’s sharp economic decline, not only retained the strength of its positions, it actually became even more robust. Compared to 1913, the US dollar had dramatically increased its footprint and had confidently moved into second place. Other competing currencies had fallen by the wayside. In order to definitively prevail over the British pound, the masters of the Federal Reserve needed to plan and wage another world war, after which the dollar was tied to gold and became, in effect, a single global currency. strategic-culture.org/news/2015/01/21/war-and-the-dollar.html
Posted on: Tue, 20 Jan 2015 22:42:42 +0000
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