Jay Taylor: How much longer can the American empire run on fake money?
Dear Friend of GATA and Gold:
Financial letter writer Jay Taylor's new commentary, "How Much Longer Can the American Empire Run on Fake Money?," cites GATA's work and adds:
"The one currency that would put all nations on an even playing field would be gold. A gold standard would mean the United States would have to earn its way to wealth rather than print money to pay for endless wars, death, and destruction.
"Nixon took us off the international gold standard in 1971 for that very reason, which enabled banks and financial institutions to get rich by impoverishing Americans with debt and job losses funded by bankers who have access to printing-press money. It also made it possible for America to fund endless wars with debt.
"But to keep the dollar viable, its leading competitor had to be held at bay. Hence smackdowns like the one this past Wednesday."
Taylor's commentary has been posted in the clear at Zero Hedge here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.