Federal Reserve Notes Become A Fiat Currency

"Americans will put up with anything provided it doesn't block traffic - Dan Rather

1968

USA

Congress repudiates redemption of all forms of "lawful money" in silver, thus turning Federal Reserve Notes into a fiat currency domestically for the first time.

The USA's involvement in the Vietnam War reaches a peak. Dan Rather becomes the foreign correspondent for CBS News and his coverage of Vietnam helps make him one of the most recognizable figures in the national news media.

1970

US National debt $389,158,403,690.

USA

1971

USA

President Nixon repudiates redemption of Federal Reserve Notes (FRNs) in gold, thus turning FRNs into a fiat currency internationally for the first time.

1972

Luxembourg

The Bank of Credit and Commerce International was incorporated by Pakistani banker Agha Hasan Abedi. BCCI as it became to be know was initially capitalized by Sheik Zayed of Abu Ahabi the bank conducted all of its real business in London. It was reportedly a money launering operation for the hundreds of heroin laboratories in Pakistn's North West Frontier as well as the central bank for the British and American arms flows to the Afghan mujahideen.

USA

The book "Limits to Growth" is published. It sold 12 million copies in 37 languages. The book was the result of a study commissioned by The Club of Rome, a think tank of scientists, economists, business people, international civil servants, and politicians from the five continents.

Five men are arrested for breaking into the DNC Headquarters, starting events that would later be known as the Watergate Scandal. Dan Rather covers the investigation as White House correspondent.

1973

USA

"It is very rare that you can be as unqualifiedly bullish as you can be now." - Alan Greenspan in the New Your Times on January 7, 1973

The stock market crash of 1973 - 1974 begins.

The "Oil Crisis Recession" was sparked by quadrupling of oil prices by OPEC coupled with high government spending due to the Vietnam War, which leads to stagflation in the United States.

"Real wages" and standard of living peaks for the average American.

David Rockefeller asks Zbigniew Brzezinski and a few others, including from the Brookings Institution, Council on Foreign Relations and the Ford Foundation, to put together an organization of the top political, and business leaders from around the world. He calls this group the Trilateral Commission (TC). The first meeting of the group is held in Tokyo in October.

1974

Iran

Iranian oil production peaks. In August the Shah of Iran envisioned "a time when the world's oil supply would run out, and declared: Petroleum is a noble material, much too valuable to burn…"

USA

Nixon resigns, allowing Gerald Ford to assume the presidency.

President Ford issues EO 11826, revoking paragraph (d) of Section 2 from EO 10289, pertaining to gold.

On July 19th an article appeared in the Los Angeles Times and other media outlets that the gold in Fort Knox had been stolen by the Rockefeller family. The claim made by Dr. Peter Beter was that part of the gold was flown to Mexico on the Rockefeller family jet. This prompted a Congressional tour of Fort Knox by the Treasury Department. During this tour no experts on gold were allowed, no assays on any of the gold was run, some of the witnesses complained that they were only allowed to look at the gold through small peepholes, and a few of the witnesses added that the color of the gold seemed to be wrong. This tour ended the scandal and no other investigation was done.

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