Precious metals, such as gold and silver, are deeply involved as the traditional supra-national world currencies. In 1971, the US ended the Bretton Woods Agreement by closing the 'gold window,' and placed the world on an entirely fiat reserve currency which the US controlled. Since the US is making monetary policy to suit its own domestic agenda, and increasingly so over the past twenty years, the stresses that this creates in the world have become unacceptable to many other countries, some of which are in a position to push back against this.
Also read: The FED, the dollar, gold & the petrodollar
The tension between the dollar and the rest of the world may split the world into three or four regions of power and financial influence. This will inevitably lead diplomatic, economic, and military conflicts, and we can already see it today.
In some ways the situation in Europe, with Germany and a few northern countries driving the ECB and its monetary policy, is a microcosm of the type of tyranny of monetary policy which is held globally by the US Dollar. This does not even have to be purposeful, but is the natural outcome of a fiat currency held as the major exchange mechanism over a region without political and fiscal unity. It is as inevitable, and manifests in other economic problems such as Triffin's Dilemma.
So why do some people keep promoting these types of unsustainable mechanisms? As always, money and power.
Common people have to suffer and die for the few, to maintain their dominance. The theory is "old as Babylon and evil as hell." A new "world war" is the war to settle differences and adjustments that follow major economics shifts, as we had seen in the first half of the 20th century.
Read article on the Russian version of Pravda.Ru
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