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August 28, 2010

“Triffin Paradox” Collapse Of US Economy Sends Shockwaves Around World

By: Sorcha Faal, and as reported to her Western Subscribers

New reports coming from Europe and Asia are showing growing alarm over President Obama’s shock move on August 6th to force the European Union (EU) to turn over the Western World’s entire economic might by giving the International Monetary Fund (IMF) over to what are called emerging Nations as part of the America’s leader “master plan” to redistribute the wealth of both the United States and Europe to nearly every Third-World Nation on Earth.

Obama’s actions have thrown the IMF into “total disarray” with one senior board member warning that “the IMF will be in crisis unless a solution is found in time” as the EU faces a 31 October deadline to either reject or accede to the American’s unprecedented demand to give up control over the wealth of their 27 Member Nations.

Important to note about the IMF is that it was established in 1944 by the Allied victors of World War II who used the cataclysmic force of their armies to destroy the Empires of Nazi Germany and Japan, along with Italy, all of whom refused to accept paper currencies (called fiat money) from either the American or British governments for the settlement of International debts and continued backing their currencies with gold.

As World War II neared its end in 1944, the main victor of this conflict, the United States, convened the United Nations Monetary and Financial Conference at a hotel in their State of New Hampshire named Bretton Woods, which is also the name given to the agreement to establish a new Global economic system that is called the Bretton Woods System, but which France and England refused to sign unless the US agreed to keep Nazi Germany’s and Imperial Japan’s gold demand for International settlements in place.

[Note: The Bretton Woods System refers to the International monetary regime that prevailed from the end of World War II until the early 1970s and was history's first example of a fully negotiated monetary order intended to govern currency relations among sovereign states.]

The United States, unlike either Europe or Asia, remained virtually unscathed from World War II, and as nearly all the rest of the World’s industries and economies had been destroyed became an economic and industrial power unlike any ever seen before in history.

By the late 1950’s, however, and with both European and Asian economies in “full recovery” mode, the demands on US gold reserves [at the end of World War II the US held $26 Billion in gold reserves which was 60% of the World’s total] to balance International trade settlements became so severe it caused the American economy to fall into a tailspin in 1958 which was only halted when President Dwight Eisenhower placed import quotas on oil and other restrictions on trade outflow, but was warned would be unsustainable.

With President Kennedy’s election in 1960, the United States began a decade-long effort to protect their economy by keeping gold at the artificially low price of $35 an ounce after a warning was issued by Belgium economist Robert Triffin (1911-1993) that when a National currency also serves as an International reserve currency (as the US dollar does today), there are fundamental conflicts of interest between short-term domestic and long-term International economic objectives. This is called the Triffin Paradox (also known as the Triffin Dilemma).

Triffin’s warning that the Global economic system was nearing collapse because the United States was not only using its Dollar as a International reserve currency, but was also using it to expand the US economy, resulted in the US Federal Reserve pooling the American’s gold reserves on 1 November 1961 with those of seven European Nations in what was called the London Gold Pool.  

During the US-Cuban Missile Crisis of 1962 the London Gold Pool came under attack raising the price of gold from $35 to $40 an ounce which again threatened to collapse the Global economy.

In response to the attack on the London Gold Pool, President Kennedy drafted a radical change of the American tax system to spur more gold production capacity and thus encourage exports. This culminated with the 1963 tax cut program designed to maintain the $35 an ounce price of gold.

By 1967 President Kennedy was dead and his successor, President Lyndon Johnson, was confronted with an attack on the British Pound which by November forced the British government to devalue it and leaving the American leader with the brutal choice to either institute protectionist measures, including travel taxes, export subsidies and slashing the budget—or accept the risk of a “run on gold” and the dollar.

From Johnson's perspective: “The world supply of gold is insufficient to make the present system workable—particularly as the use of the dollar as a reserve currency is essential to create the required international liquidity to sustain world trade and growth.” Johnson believed that the priorities of the United States were correct, and, although there were internal tensions in the Western alliance, that turning away from open trade would be more costly, economically and politically, than it was worth.

 Johnson’s efforts to maintain the price of gold at $35 and ounce, however, collapsed in November 1968 after the US Congress that prior March repealed the 25% requirement of gold backing of the US Dollar. 

The “final” death knell of a US Dollar backed by gold occurred on 15 August 1971 when in what is called the “Nixon Shock”, President Richard Nixon unilaterally canceled the direct convertibility of the US Dollar to gold that essentially ended the then existing Bretton Woods System of International financial exchange established in 1944 and “planted the seeds” for the current Global economic collapse we are now experiencing.

And those “seeds” that Nixon planted, and have been carefully cared for since by the policies of his successors Presidents Ford, Carter, Reagan, Bush I, Clinton, Bush II, and now Obama, are called “Open Trade”, and which over the past nearly 40 years has seen the United States divest itself of its once mighty role as the most mighty economic and industrial powerhouse of a Nation our World has ever seen.

The reason this has happened to the United States, though not understood by the masses of American people being affected by it, is because all American Presidents since 1971, when the US abandoned backing the US Dollar with gold, have followed Johnson’s course of steering the American economy upon the waters of International trade into the Triffin Paradox which clearly warned that any Nation having a reserve currency could not at the same time fulfill both its domestic and International needs.

The reason for this is simple, International settlements between Nations are still made in gold, and since Kennedy’s abortive attempt to keep the price of gold at $35 an ounce failed, and the “Nixon Shock” ended the backing of the US Dollar with gold forever, the price of gold in being able to fluctuate has skyrocketed to over $1,200.00 an ounce which the United States has only been able to pay its gold-backed debts with by exporting nearly all of its wealth overseas through its corporations costing tens of millions of Americans their jobs and completely divesting itself of its once formidable gold reserves to just 28% of the Worlds total reserves.

Important to note is that unlike in 1933 when President Franklin Roosevelt confiscated all privately owned gold in the United States (Executive Order No. 6102) to keep the US Dollar from collapsing, the same could not happen today due to the fact that all the gold in whole World (all of the gold in the World could fit under the Eifel Tower) couldn’t stop it from collapsing today as America’s debt total now stands at the staggering amount of $202 Trillion.

Now by the Americans playing “both ends against the middle” with their currency in defiance of the Triffin Paradox over these past four decades they have set themselves up for an economic collapse the likes of which they have never seen, and by all accounts will greatly dwarf the catastrophic effects they underwent as a Nation during last century’s Great Depression, and which according to the American future trends researcher Gerald Celente is set shortly to begin its final course in what he calls the “Crash of 2010”.

Joining Celente in trying to awaken the American people to the soon coming catastrophic collapse of the US economy is their top military officer and Chairman of the Joint Chiefs of Staff Admiral Mike Mullen who warned this past week that the United States debt was their countries “single greatest threat to their nation’s security”.

Top American economists and economic experts, one of whom just named Obama’s government as “the most fiscally irresponsible in US History”, further declared this week that the United States is now in a full blown Second Great Depression and that the US housing market is nearing “complete and total collapse”.

To why the American people are ignoring the greater horrors to come when their economy totally collapses and are still paying their money to their banks (for mortgage, credit card and other such debts) and financial institutions (401K and other such “retirement” plans) instead of using it to protect themselves and their families seemingly defies all logic.

Except, of course, when these peoples seeming to be asleep is understood in the context of the vast American propaganda media effort (who new reports say supported Obama with over 88% of these “reporters” and media executives giving him money) to keep from them the truth of what is happening, and as evidenced this past fortnight when one of the United States top financial guru’s, named Tony Robbins, not only warned his investors that the US stock markets will be crashing this fall, but also related how the US NBC Television Network’s popular Today Show asked him to be a guest on his show to “pump up” the American people so that they would not find out the truth.

To his credit Robbins “declined” to a part of this deception opting instead to tell the truth, and his Internet posted video (linked here) about the coming Crash of 2010 should be viewed by everyone.

And to the greatest danger facing our World from the economic collapse of the United States are new reports warning that soon there will be tens of millions of refugees roaming across our Earth in an apocalyptic search for food and water, many of them pushing into America through its still undefended southern border to become what are called “Monsanto Mind Slaves” due to the staggering amount of Genetically Modified (GM) foods being forced unbeknownst into them that new reports are warning are made worse by these people continually using dangerous microwave ovens to cook them in. 

This concludes Part III of the series “Shock World Court Ruling Warned Will Destroy Obama, America”. To receive Part IV please go to this link and contribute what you can to keep this series going.

© August 28, 2010 EU and US all rights reserved. Permission to use this report in its entirety is granted under the condition it is linked back to its original source at WhatDoesItMean.Com.

[Ed. Note: Western governments and their intelligence services actively campaign against the information found in these reports so as not to alarm their citizens about the many catastrophic Earth changes and events to come, a stance that the Sisters of Sorcha Faal strongly disagrees with in believing that it is every human beings right to know the truth.  Due to our missions conflicts with that of those governments, the responses of their ‘agents’ against us has been a longstanding misinformation/misdirection campaign designed to discredit and which is addressed in the report “Who Is Sorcha Faal?.]

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