Currency War: Dragging the World Toward World War III

 

Echoes of 1934 are thundering with increasing intensity.

In 1934, United States President Franklin Delano Roosevelt outlawed the private ownership of gold. After confiscating billions in bullion, Roosevelt shocked the world by revaluing it. The cost for an ounce of gold, previously set at $20.67, was suddenly $35. Overnight, Roosevelt devalued the dollar by 69 percent.

The president told the country that it was a radical effort to stimulate America’s economy. A cheaper dollar would make America’s exports less expensive and help American companies sell more products to the rest of the world, he said. More money would flow into America, and more jobs would be created.

It did those things. And it also marched the world another giant step closer to war.