The Federal Reserve System IS NOT a U.S. government bank; it IS NOT controlled by Congress; it IS a privately owned Central Bank controlled by the elite financiers in their own interest. The Federal Reserve elite controls excessive interest rates, inflation, the printing of paper money, and have taken control of the depression of prosperity in the United States.
140 Years Of Monetary History In 10 Minutes
1873Classical Gold Standard
Germany goes on Classical Gold Standard where each unit of currency is backed up by an equivalent amount of gold in the treasury
1913Federal Reserve Act of 1913
The Federal Reserve allowed for a 40% reserve ratio for gold backed fiat currency.
1914-1918World War I
World War I, often abbreviated as WWI or WW1, also known as the First World War or the Great War, was an international conflict that began on 28 July 1914 and ended on 11 November 1918. It involved much of Europe, as well as Russia, the United States and Turkey, and was also fought in the Middle East, Africa and parts of Asia.
1939 - 1945World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a global war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers.
Bretton Woods Agreement
The Bretton Woods system of monetary management established the rules for commercial and financial relations among the United States, Canada, Western European countries, Australia, and Japan after the 1944 Bretton Woods Agreement.
1971Nixon ends U.S. Gold Standard
President Richard Nixon’s actions in 1971 to end dollar convertibility to gold and implement wage/price controls were intended to address the international dilemma of a looming gold run and the domestic problem of inflation. The new economic policy marked the beginning of the end of the Bretton Woods international monetary system and temporarily halted inflation.
1973Kissinger Urges Saudi King To End U.S. Oil Embargo
RIYADH, Saudi Arabia, Dec. 14—Secretary of State Kissinger met for 90 minutes tonight with King Faisal to inform him of American efforts to move the Middle East crisis to the peace table and to try to convince him that the oil embargo against the United States should now be lifted.
The Petrodollar system and the US and Saudi Relations
What makes the US dollar unique is the fact that since the early 1970s it has been, with a few notable exceptions, the only currency used to buy and sell oil on the global market. This began in the 1970s when US President Nixon’s administration began negotiations with the government of Saudi Arabia to establish the petrodollar system. Under this system, the Saudis would only sell their oil in US dollars, and would invest the majority of their excess oil profits into U.S. banks and Capital markets. The IMF would then use this money to facilitate loans to oil importers who were having difficulties covering the increase in oil prices. The payments and interest on these loans would of course be denominated in US dollars.