Petroleum

The Bells are Tolling for the Dollar

The Empire has ruled the world through economy and deceit rather than force. At the end of WWII, it had attained the privilege of minting the convertible hard currency, the monopoly over the nuclear weapon and the possession of most of the gold in the world while it was the only large-scale producer of manufactured equipment, consumer goods, food and services worldwide. However, there was a limit to the printing of paper money: the gold standard at a regular price of 35 dollars a troy ounce. This was the situation for over 25 years, until August 15, 1971, when an executive order issued by President Richard Nixon led the United States to unilaterally call off that international arrangement thus defrauding the world. I’ll never tire out of repeating it. That was how it threw on the world economy its military buildup and war adventure expenses, especially the Vietnam War, which according to conservative estimates cost no less than 200 billion dollars and the lives of over 45 thousand American youths.… | more |

No rest for the world

Anyone would think that after the Summit of the Americas, just 13 days after the G-20 meeting and on the heels of the exhausting tour of France, Germany, Prague and Turkey by President Obama, the world would have the right to rest for a few days.… | more |