In 1971, Nixon de-tethered the dollar from gold thereby making it a 100% paper-electronic fiat currency. But there is way more to the story and The Daily Reckoning sums it up perfectly with quotes from Jim Rickards book The Death of Money.
Did you know that when Nixon made his ‘temporary suspension’ of the Bretton Woods Agreement that gold would back currencies around the world that the gold standard didn’t die right then and there? No, it took four years before the gold standard/Bretton Woods was euthanized.The green (color of Islam) flag of Saudi Arabia contains 2 things: a sword and an inscription in Arabic "There is no god but Allah". The sword is very significant Muslim symbol because chopping off heads as an implement of terror against infidels constitutes the symbolic power of Islam religiously, culturally, politically and historically.
“But the dollar immediately began to lose ground which is exactly what Nixon wanted it to do, for he had tons of debt left over from President Johnson’s great society, and Vietnam War, and needed to print dollars and get them weaker to pay down loans with cheaper dollars....
The “dollar monopoly in energy trade” is another legacy of 1971: In 1974, Secretary of State Henry Kissinger cut a deal with the Saudi princes: Saudi Arabia would price oil in U.S. dollars and use its clout to get other OPEC nations to do the same. In return, the U.S. government agreed to protect Saudi Arabia and its allies against foreign invaders and domestic rebellions. Link here.
The deal that Kissinger, a Jew no less, cut with the anti-Semitic House of Saud and Sunni Salafist Wahhabism was far dirtier and evil than anybody could ever imagine. In Saudi Arabia, Jews are banned from the country and every religion except Islam is also banned and the death penalty for practicing any religion except Islam has been enforced, usually by publicly beheading infidels (the term Muslims use for non-Muslims) as sorcerers and witches.
America and Europe effectively agreed to military bankroll the expansion of Sunni Salafist Wahhabism and jihad against the West, Christianity and other non-Muslim and even moderate Muslim nations, sometimes overtly but mostly covertly and this was accomplished through the massive importation of Sunni Muslims into Europe and the US, along with their radical jihad Imams, mosques and Islamic centers all of which were financed with Sunni Salafist Gulf money. While the concept of separation of church and state are codified into western (European and US) law, it's appropriate and valid to state that the only state supported religion in Europe and the US is Sunni Salafist Wahhabist Islam. Many radical Sunni Muslims teach in western public schools and western prison systems are loaded with taxpayer funded Muslim clerics.
As Europe and America ponder the horror of how many western coverts to Islam are among ISIS butchers, the answer is simple. We allowed this to happen.
Besides facilitating and spawning the rise of the most radical form of Islam ever to exist and largely on western soil where Islam used to be close to non-existent, the West and its banksters didn't really care so long as these evil Sunni Salafist Wahhabist Muslims continued to trade oil in dollars, thus preserving the petro-dollar and the dollar as the world's reserve currency.
The logical question is: why would the West do such things and purposely destroy western culture? At the elite level, they are very comfortable with Sunni Salafist Wahhabism. In fact, many western elites admire the ability of tyrants like the House of Saud and Islam to control populations while guarantying that the people never revolt for liberty; this is largely accomplished by rigidly imposing religion into every facet of daily living and vigorously oppressing those who reject theocracy. Women have no rights under Islam and homosexuality is considered an offense warranting the death penalty in some Muslim nations.
If there is one thing that western elites fear more than anything, it's Saudi Arabia and other Gulf nations pulling the rug out from under the petro-dollar and trading oil in non-dollar currencies. This would immediately crash the dollar, the entire western banking system and America would be nothing more than just another bankrupt banana boat republic. It's critically important to understand the vast and absolute power of being the world's reserve currency. The demise of the petro-dollar would wipe out Wall Street and every central bank on the planet.
For the first time ever, western elites feel threatened because new players have arrived on the scene and they are swimming in oil and gas. Russia has the largest natural gas reserves on the planet and it's oil reserves rival that of Saudi Arabia.
Top Natural Gas Reserves by Country 2014, here.
Russia has 1,688.00 trillion cubic feet
Iran has 1,193.00 trillion cubic feet
Qatar has 885.29 trillion cubic feet
Turkmenistan has 265.00 trillion cubic feet
US has 308.44 trillion cubic feet
Not only is the West committed to importing Sunni Muslims, mosques, Islamic centers and jihadists as well as arming, funding and protecting them and their murderous groups like ISIS, the West is also committed to preserving the OPEC energy cartel from any threatening competition. With Russia being the new big energy player, the West is now committed to locking up Russia's enormous natural resources in energy to protect OPEC and it's monopolistic powers, as well as the DOLLAR as the world's reserve currency.
As western central banks, especially the Federal Reserve and Bank of England, increasingly become the focus of attention following Wall Street's 2008 meltdown that was immediately rescued with trillions of electronically created fiat money and bond buying, which was nothing more than welfare for rich investors, the volatility of western central banking finally started to get some much need attention. Banks are swimming in bad loans and writing off all the bad debt paper would bankrupt every western bank by wiping out its capital. Hence, the urgency of doing anything and everything to keep a failed fiat financial system from collapsing, as it should, is the only priority of banksters, governments, globalists and the NWO that controls all economic activity.
The deviously evil House of Saud understands that it literally owns the West, that the West will do anything to preserve the dollar as the world's reserve currency, including Islamizing western nations and funding the expansion of Sunni Salafist Islam, it's violence and it's jihads.
The West wasn't duped - all the players fully understood what they were consenting to but corporate power, bankster power and empire trumped everything, including preserving western styled liberty, law and culture.
Counterpunch published an extraordinary Q & A interview with Zbigniew Brzezinski in 1998 titled How Jimmy Carter and I Started the Mujahideen. Brzezinski was Carter's National Security Advisor.
Q: The former director of the CIA, Robert Gates, stated in his memoirs ["From the Shadows"], that American intelligence services began to aid the Mujahadeen in Afghanistan 6 months before the Soviet intervention. In this period you were the national security adviser to President Carter. You therefore played a role in this affair. Is that correct?Stirred up Moslems? Indeed! The Saudis have dumped $100 billion into spreading its evil form of Islam.
Brzezinski: Yes. According to the official version of history, CIA aid to the Mujahadeen began during 1980, that is to say, after the Soviet army invaded Afghanistan, 24 Dec 1979. But the reality, secretly guarded until now, is completely otherwise: Indeed, it was July 3, 1979 that President Carter signed the first directive for secret aid to the opponents of the pro-Soviet regime in Kabul. And that very day, I wrote a note to the president in which I explained to him that in my opinion this aid was going to induce a Soviet military intervention.
Q: Despite this risk, you were an advocate of this covert action. But perhaps you yourself desired this Soviet entry into war and looked to provoke it?
Brzezinski: It isn’t quite that. We didn’t push the Russians to intervene, but we knowingly increased the probability that they would.
Q: When the Soviets justified their intervention by asserting that they intended to fight against a secret involvement of the United States in Afghanistan, people didn’t believe them. However, there was a basis of truth. You don’t regret anything today?
Brzezinski: Regret what? That secret operation was an excellent idea. It had the effect of drawing the Russians into the Afghan trap and you want me to regret it? The day that the Soviets officially crossed the border, I wrote to President Carter: We now have the opportunity of giving to the USSR its Vietnam war. Indeed, for almost 10 years, Moscow had to carry on a war unsupportable by the government, a conflict that brought about the demoralization and finally the breakup of the Soviet empire.
Q: And neither do you regret having supported the Islamic [integrisme], having given arms and advice to future terrorists?
Brzezinski: What is most important to the history of the world? The Taliban or the collapse of the Soviet empire? Some stirred-up Moslems or the liberation of Central Europe and the end of the cold war?
Q: Some stirred-up Moslems? But it has been said and repeated: Islamic fundamentalism represents a world menace today.
Brzezinski: Nonsense! It is said that the West had a global policy in regard to Islam. That is stupid. There isn’t a global Islam. Look at Islam in a rational manner and without demagoguery or emotion. It is the leading religion of the world with 1.5 billion followers. But what is there in common among Saudi Arabian fundamentalism, moderate Morocco, Pakistan militarism, Egyptian pro-Western or Central Asian secularism? Nothing more than what unites the Christian countries.
Terrorists shaped by Wahhabi petrodollars
Over more than two decades, Saudi Arabia has lavished around $100 billion or more on the worldwide promotion of the violent, intolerant and crudely puritanical Wahhabist sect of Islam that the ruling royal family espouses.... The spread of Wahhabism sparked not only a separatist war against the Russians, but also a good deal of violence among Muslims....The US isn't fighting ISIS, the current brand of Islamic Sunni butchers on a rampage of murder and head chopping in Iraq and Syria, the US is pretending to fight ISIS when in fact it must support Sunni Salafist Wahhabism or risk having the House of Saud destroy the dollar by trading oil in non-dollar currencies.
There are similar strands leading back to Wahhabist indoctrination in the histories of very many of the known Muslim terrorists of the last 20 years.
The founder of the sect, Muhammad ibn abd al-Wahhab, was an eighteenth century Muslim zealot allied to the Al-Saud clan who promoted an extreme version of Salafism.
The geo-politics of oil are indeed complicated, especially with big new players on the scene like Russia. Yeah, the US made the decision to jump in bed with Muslim butchers to protect the petro-dollar. The blowback from American global empire builders has wrought devastation upon America's economy, America is bankrupt from endless wars, the phony baloney War on Terror is a joke that only beneficiaries are defense contractors. Civil liberties have been crushed in America which is now just a Nazified Police State. Moreover, every US intervention in the Muslim world actually serves to strengthen Saudi Arabia and its powers over us, all while vastly empowering recruitment for Sunni Salafist Wahhabism, radical Islam and its jihads.
Finally, America's neocon-theocons who are ferocious supporters of America's endless wars and the War on Terror are just to blind or stupid to grasp that they are effectively facilitating the spread of radical Sunni Salafist Wahhabist Islam, all in the name of squashing a religion that they perceive as an acute threat to them.
Although I detest Sunni Salafist Wahhabist Islam and consider it evil, I'm not anti-Islam or a Muslim hater. Moreover, I have documented why I believe that Sunni Islam is critical to world peace. There are Muslims who oppose Wahhabism but many also fear it because of its savagery and butchery, as evidence by the carnage in Syria and Iraq, The Muslim world remains in turmoil and God forbid that Wahhabism should win.
Why Sunni Islam is Crucial to World Peace and Crushing the NWO
Yet, Wahhabism has a huge advantage - it's got the US military fighting its jihads. It's got western governments flooding western nations with nutjob Muslims, Saudi trained clerics and Saudi funded mosques.
The US government and Wall Street would rather see the entire planet Islamized than let the criminal banksters go bankrupt and sound money restored. The US empire cannot exist with sound money. The military-industrial-security complex cannot exist with sound money. It can only feed off its victims of fiat central bank currency and the petro-dollar creates plenty of victims for feasting.
So long as the petro-dollar exists, the world will remain an extremely dangerous place and America will just continue on its journey to the black hole of totalitarian tyranny.