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Oil, Iran and the US Dollar part 2
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transcript
In 1965 the US enters the Vietnam War. The Vietnam War costs $500 billion. The British and the French start converting their dollar reserves to gold. US gold reserve is down to $10 billion. In 1970, US hits Peak Oil. In 1971, Nixon, fearing a run on the US dollar, closes the Gold Window. No gold 4u! From now on, the US dollar is Fiat currency. It’s now based solely on faith in the US. It is backed by nothing! To be Continued… The End Chris Lecours |
