The United States destroyed its own economy by elevating the dollar as the world reserve currency, the president of the Mexican Civic Association for Silver, Hugo Salinas Price, writes.
Once the Bretton Woods agreement in 1944 made the dollar the reserve currency and the dollar's convertibility to gold at a fixed rate was ended in 1971, Salinas Price writes, "The key for all countries was to undersell U.S. producers of whatever the rest of the world had for sale. There was no other way to obtain dollars."
He adds: "It is fitting to remember how pleased Americans were back in the 1970s to see their smoky, polluting industries close down, to be replaced with green malls and pleasant cafes, with areas for exercising, sunning, and shopping. The time was hailed as the 'the greening of America.'
"What happened to America was a Greek tragedy writ large. By its own hand the United States has destroyed itself. Its huge advantage -- the right to issue the world's fundamental money, the dollar -- turned into the sword that disemboweled its own guts."
Salinas Price's commentary is headlined "There Is No Cure for this Disease" and it's posted at the association's internet site, Plata, here:
http://www.plata.com.mx/mplata/articulos/arti...idarticulo=3...
