The engineering of the dollar - the 1973/4 oil price shocks

[Lauren Johnson]

And as a PS to the foregoing, can I speak of my suspicion that the great bank crashes of 2008 are far superior reworking of the oil price shocks of 1973/4.

Dollar hegemony lives.

The US Treasury engineered golf price crash of last year are testament to that.

A wise man might consider waving a fond farewell to the planned BRICS nations gold backed currency.

David, Your last comment about the Brics triggers something that has been brewing in the back of my head for some time. Peter put up a post about Paul Craig Roberts on how the US has shipped all of its gold overseas. Estulin concurs that it's all gone.

My speculation is that the dollar could be backed by dog pooh just so long as we can project global intimidation, bribery, blackmail, assassination, fake riots, drone strikes, economic war and ultimately physical war. Commodities don't back the dollar; the so-called international system backs the dollar.

David, I know you are the banker in the house, but here's an example of my last post. My recollection is that some nations (BRICS?) were forced to take Mortgage Backed Securities as payment or collateral as if it were cash. Sadly, I can't come up with the specifics. What did I say about dog pooh? We now have created a system of synthetic collateral back by all of the means listed above.