Ron Paul, now at 90, remembers US $-theft 1971: 'One of the biggest* things that ever happened in monetary history.'

* Peter Klevius: Clearly the biggest ever fraud because the Bretton Woods agreement essentially covered the whole world.

Peter Klevius asked US made AI: Isn't US embezzling on the world dollar after 1971 when it violated the Bretton Woods agreement?

Answer by US made AI: It was a response to economic pressures rather than outright embezzlement.

Peter Klevius: Really! Which court would drop an embezzlement case because it was caused by "economic pressures"?! US dollar theft 1971 followed an accelerating "economic pressure" due to the Vietnam war, military race and space race, which US paid by embexxling from the gold backed world dollar.

Ron Paul points to the $-elephant in the oval office that others pretend not to see: “I can remember it precisely. One Sunday night (1971) I was sitting in front of the television watching the news come in and oh, a special news clip. And they put up President Nixon and all of a sudden, boy, did my eyes open.”

In that televised address, Nixon announced he had directed then-Treasury Secretary John Connally to suspend the dollar’s convertibility into gold — a move that effectively violated the Bretton Woods system.

Ron Paul: “And I said, ‘This is a big deal... It might be one of the biggest things that ever happened in monetary history’.”

The $-theft marked a sharp turning point. Since 1971, the US dollar has operated as a fiat currency, meaning it is not backed by anything else than US authoritarian dictatorship. And because the Federal Reserve can print money in unlimited quantities, Ron Paul thinks (like Peter Klevius has warned for many years) that serious consequences now lie ahead.

Ron Paul: “We’re approaching that time when bad stuff will really be happening to us because you just can’t print money and lie to the people forever. It’s all based on a lie and it’s fraud, it’s counterfeit money.”

When US creates excessive amounts of dollar, its value inevitably declines. $100 in 2025 had the same purchasing power as just $12.58 did in 1971.

Peter Klevius: US 55 years of delayed bankruptcy has built up a timebomb that makes US the most dangerous country in the world. No matter who is the US president s/he faces the same dilemma as Trump.

 

Jeffrey Sachs: And then always in the background, one has to add, British Russophobia, because Britain, to my mind, is madness. It is imperial nostalgia to this moment. Even as Starmer goes down the drain, they put Ukraine as a great national project because they’ve hated Russia since 1840.

Peter Klevius: The UK/US "special bond" rests on inherited pure evil such as piracy, colonialism and war - between the two and the rest of the world. 

Jeffrey Sachs: New European Military Bloc for War Against Russia. Germany is losing its industrial base, but what Merz is doing is going to possibly provoke a disastrous war, but leave Germany even farther behind economically. It’s completely the wrong track.

Peter Klevius: When Western companies cannot compete with Chinese technology, then they turn to military production which is protected against competition from China by the US led "China threat" mantra - while 100% unreliable US outdated militsry tech is accepted. 

Two Strands Driving Europe Toward Catastrophe, according to Jeffrey Sachs.

So all of this is to say that I see two strands at work right now. Most of Western Europe, not so much in this agenda. Eastern Europe, absolutely — or much of Eastern Europe, the Baltics and Poland in particular, pushing this anti Russophobic line. Germany, absurdly, tragically, unaware, self-unaware, now even championing this idea.

So just to add one coda to this. All of this is to say that at the best we have the classic security dilemma that Europe is taking defensive steps that are going to lead to war because they are really offensive in what they’re doing. But what we see is a complete lack of political and security imagination in Europe. What started as a misguided project for Central Europe and for American hegemony has turned into an absolutely profoundly dangerous European project for remilitarization that would be the march to war.