The Inevitable Demise of the Paper Dollar | The Gold Standard 2233

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Despite the recent news that the dollar hit a 20-year high, indicators warn us that the strong dollar era may be on borrowed time. High levels of inequality, corruption, political instability, massive public debt, and trade deficits all contribute to the weakening of the currency.

Dave Deno and his guest Ken Russo discuss the US addiction to debt. We can’t expect the dollar to be as strong five to 10 years from now as it is today. And because of that, each of us has to take the long view on protecting our retirement savings.

When people speak of a strong or weak dollar, they’re referring to the relative strength of the USD against other currencies. One of the benefits of being the world’s reserve currency is a high-demand baseline. The US dollar rises and gains strength as demand increases.

Global inflation, rising interest rates, extensive lockdowns in China, and the war in Ukraine are all new. None of these events were on the radar last year when we predicted the coming perfect financial storm and accumulating pressure of the everything bubble. All these disturbances continue to build energy.

The outlook is gloomy. Stagflation nips at the heels of Great Britain. Our economy still teeters on the edge of falling into a full-blown recession.

What do you do with existing investments, especially when things are uncertain and unpredictable? There’s no one universal answer. Everyone’s situation is different. Gone are the days when you could let a financial adviser take full responsibility for protecting your wealth.

Fiat money has no backing except by government decree. Its value comes from people’s faith in the government. As long as the government is sound, merchants and other people will accept fiat currency as payment.

At one time, gold and silver in the bank gave value to paper gold and silver certificates used in commerce.

President Roosevelt’s Executive Order 6260 ensured that the US dollar would be no more than paper fiat currency. The passing of the 1913 Federal Reserve Act created a private central bank. The purpose of the Federal Reserve bank is to maintain maximum employment and stable prices. Instead, it has done more to feed our debt addiction and endless money printing. The Fed will ultimately be the undoing of the US economy. It is separate from the US Government, yet it has all the power to dictate fiscal policy for the country.

The Fed and the US Government have grown to monstrous proportions. They always apply a band aide to the situation without addressing the root causes and dig us into a deeper and deeper whole. The Fed and the government will continue to rescue the country from the economic problems they create through its monetary policies.

Americans owe $14 trillion more to the rest of the world than the rest of the world owes to Americans. We are the world’s largest debtor nation. As our government rearranges the economy, legislates morality, and helps special interests, the true costs are inefficiencies, new problems, and more loss of freedom. Our landless citizens are becoming modern-day serfs. Is it time to start worrying?

Within a few months of his presidency, Roosevelt signed into law requiring US citizens to turn over their private gold to the Federal Reserve in exchange for Federal Reserve notes. Executive Order 6260 made it illegal to own gold. Since then, the people have no longer governed the US. The banks control the US and its citizenry.

Ken Russo returns to one of his favorite gold bullion products, the Gold Britannia. The Royal Mint that produces the Gold Britannia coins has a 1,000-year history of minting coins. But the design themself give the coins such an aura of history and the allure of British heritage.

The most distinctive feature of the Gold Britannia design is the standing figure of Lady Britannia. Her noble image first appeared on Roman bronze coins of Emperor Hadrian’s reign around the first century AD. Britannia appears on British coinage in the farthing of 1672.

The other side of the coin shows Queen Elizabeth. There have been portraits of the Queen on British coins since her coronation. The first coins were bearing Elizabeth’s image issued in 1953.

The modern version of the Britannia gold coin is a British bullion coin that began in 1987. It was initially made of .917 fine gold and valued at £100. Over the years, the design of the Britannia gold coin has changed quite a bit, but its underlying symbolism remains the same.

British Gold Britannia coins minted after 2012 are Precious Metal IRA eligible.
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