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We’re at War!
by James Rickards Daily Reckoning
I’ve been studying monetary economics for about 50 years. All of my research has led me to one conclusion — we’re going to see the collapse of the international monetary system.
When I say that, I specifically mean a collapse in confidence in paper currencies around the world. It’s not just the death of the dollar or the demise of the euro. It’s a collapse of confidence in all paper currencies.
Over the past century, monetary systems have changed about every 30–40 years on average. Before 1914, the global monetary system was based on the classical gold standard.
Sure enough, 31 years after the end of the classical gold standard, in 1945, a new monetary system emerged at Bretton Woods. The dollar was officially designated the world’s leading reserve currency — a position that it still holds today, though that position is weakening.