Chair of The Fed Reserve Jerome Powell - What's he thinking?As the US economy falls deeper in debt and world inflation ravages the global economies, the US monetary system is burning, and the Chair of The Federal Reserve Jerome Powell stands by playing the fiddle. (Roman Emperor Nero had similar experience.) Remember, this is the man that wanted the job so bad, he promised to do everything in his power to protect the US strong dollar and the economy. This rhetoric got him the job. He may regret his decision because it now appears that he will be the fall guy when the House of Cards (bubble economy) is expected to tumble down in 2022.
I was around in back in 1971, when in response to increasing inflation, the infamous Watergate President of the United States Richard Nixon decided to close the gold window (foreigners couldn't redeem dollars for gold at the Treasury anymore). From 1945 until 1971, the U.S. dollar was backed by gold, and served as the world reserve currency under a system called Bretton Woods.
Also, I remember quite vividly the quote that was heard around the world by the infamous Watergate President of the United States Richard Nixon as he was embarking Air Force ONE, “I’M NOT A CROOK”.
His ill-fated decision to close down gold as the reserve currency is one of the principal causes of the many woes that face the US economy today. It now appears that I will be around to see the downfall of the most powerful nation in the world. Unfortunately, the US cannot return to a nation that has its currency backed by gold because the US sold all its gold. History does repeat itself.
The Chair of The Federal Reserve Jerome Powell has not learned the basic economic lesson that printing money 24-7 and tossing money out of helicopters is not the solution to rising inflation…