This is a mail forward. I really don’t know how far it is true. But I think it makes sense. So just putting up right here.
Back in 1971, the USA printed and spent far more paper money than it could cover by gold.
Few years later, French demanded redemption of its paper-dollar holdings in gold. But the USA rejected as it actually didn’t had enough gold for the dollars it had already printed and spent all over the world, thus committing an act of bankruptcy. Continue reading