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U.S Dollar, The "barbarous relic"
By Jeff Nielson

Jeff NielsonJeff Nielson is co-founder and managing partner of Bullion Bulls Canada; a website which provides precious metals commentary, economic analysis, and mining information to readers/investors. Jeff originally came to the precious metals sector as an investor around the middle of last decade, but soon decided this was where he wanted to make the focus of his career. His website is



November 10, 2015

Almost certainly, everyone reading this piece will have heard the phrase “barbarous relic” used in reference to a particular currency in our current monetary system. The problem is that (invariably) this label is attached to the wrong currency.

“Gold is a barbarous relic.”

This phrase was originally articulated by the notorious economic charlatan, John Keynes. Keynes preached a doctrine of infinitely expanding sovereign debt, as the supposed path to economic health and prosperity. In reality, this is a recipe for nothing except inevitable, economic destruction, which is patently obvious to anyone who understands the term “compound interest” – and is capable of operating a calculator.

Yet despite the obvious absurdity of “Keynesian economics”, it has spawned legions of sycophants who have followed in Keynes’ fraudulent footsteps, and continued to peddle the nonsense that the arithmetic of compounding interest simply does not apply to sovereign debt. Indeed, those in the field of economics who do not subscribe to this fiscal/monetary lunacy are labeled “Austrian economists”, and they are hailed for no other reason than that they do have the capacity to operate a calculator. This is how low the “bar” has been set in the pseudo-science of economics.

Conveniently, the concept of infinite sovereign debt (and the rapidly expanding money-supply needed to issue all that debt) produces the ideal conditions for Big Banks to perpetrate massive, financial crimes , as we see with the current crime syndicate, which regular readers know as The One Bank . We thus see the motivation for continuing to propagate “Keynesian economics”, via the vacuous mouthpieces of the mainstream media: to facilitate the serial crimes of the banking crime syndicate.

Why did Keynes, the false-prophet of infinite debt/infinite money-printing, hate gold so much? Keynes himself supplies the answer to this question, through another attempted smear of gold (and the gold standard). He referred to a gold standard as “the Golden Handcuffs”, and he was very specific about who was being “handcuffed” and how they were being handcuffed.

A gold standard (drastically) limits the capacity of governments to issue new debt. It absolutely restricts the capacity of central banks to issue new (gold-backed) currency, as new money can only be issued in direct proportion to the reserves of gold which back it. “Keynesian economics”, and the systemic financial crime which accompanies it, cannot exist with a gold standard firmly in place.

In the absence of a gold standard, there is no way to protect savings from confiscation through

- (future) Federal Reserve Chairman, "Alan Greenspan" , 1966

As a result, the “Keynesians”, and the banking crime syndicate which sponsored this academic fraud, found it imperative to first denounce the gold standard (with their intellectually bankrupt rhetoric), and then to assassinate it – with central banker, Paul Volcker, claiming personal credit for this dirty deed. It was only once the Handcuffs had been removed that the current era of fiscal/monetary insanity (and crime) could begin.

Since the abolition of the last vestige of our gold standard (the Golden Handcuffs), our governments have quickly managed to drown themselves (and us) in sovereign debt. Our currencies have already been debauched to worthlessness.

Adjusted Monetary base increase chart graphic with U.S recessions
U.S Recession Indicators - Adjusted Monetary Base Increase

In a mere 40 years; our governments and central banks have demonstrated absolutely/unequivocally that neither of these entities can be trusted as stewards of our economies, without being firmly bound by a set of Golden Handcuffs. However, gold is not just the only-and-ideal basis for a sound monetary system. It is (along with silver) the best money which our species has ever been able to devise. To understand this requires understanding the nature/definition of “money” itself, which is the subject of a previous analysis .

Gold is the best money. Gold is the best basis for a monetary system . Gold is universally considered to be money in all of our monetary rules and regulations, created by the same bankers who refer to it as “a barbarous relic”. Gold is universally considered to be a premier monetary asset by all of the world’s governments. It is anything but a barbarous relic.

Then we have the U.S. dollar.

One hundred years ago; the Federal Reserve was created to (supposedly) manage and “protect” the value of the U.S. dollar. During that century; the USD has lost roughly 98% of its value, and it has been losing value at an ever-accelerating rate. In terms of its actual worth; it is a mere relic compared to what it once was.

Geopolitically, it is now universally acknowledged (by every nation except the United States) that China’s renminbi is displacing the U.S. dollar as the global “reserve currency”. At precisely the same time the Federal Reserve has hyperinflated the supply of U.S. dollars (as seen in the previous chart), the demand for U.S. dollars is collapsing. In terms of supply and demand; the U.S. dollar is a monetary relic.

Even the closest allies of the U.S. have now begun openly phasing-out their U.S. dollar holdings, and replacing those holdings with renminbi. The UK has now begun issuing its own bonds denominated in renminbi – not pounds or dollars. Canada’s government recently announced the first in a series of “currency swaps” with China, for the specific purpose of reducing use of the USD, and increasing use of the renminbi.

Then we have the United States itself: the American Empire. It is an empire which has managed to destroy its own legitimacy, in virtually every way imaginable.

Militarily, it turns loose its war-machine on its global neighbours unilaterally, and with nothing more than the flimsiest of pretexts. It doesn’t merely overthrow governments, but destroys entire nations, as seen in Afghanistan, Iraq, Libya, Ukraine, and many other current/previous victim-nations.

It routinely slaughters innocent civilians, and sloughs-off these serial war-crimes as nothing but “collateral damage”. It tortures supposed “enemies”, detains/incarcerates people without anything even remotely resembling due process, and has officially renounced following even the limited standards of humanity known as “the Geneva Conventions”.

Economically, its economy is totally bankrupt. It’s only able to avoid a formal declaration of bankruptcy through systemic accounting fraud : hiding its debts in a manner which would be comically illegal, if ever attempted by any corporation. Even then, it is only able to postpone implosion of this corruption-saturated economy through market manipulation and economic frauds so large as to be beyond the comprehension of most readers.

Internally, its police now systemically rob the people – citizens and non-residents alike. They also brutalize and kill Americans on such a regular basis that one state has legalized allowing its residents to shoot the police , as the only means for the people of this “empire” to protect themselves from their own law enforcement personnel.

Legally, its Constitution has been put through a paper-shredder, and the people have been stripped of their rights. Neither the various layers of government nor its courts pay even lip-service to this document, any longer.

The United States of America, which has frequently described itself as “a shining beacon of democracy” is now a barbarous nation, and global pariah, in virtually any-and-every way we can imagine. The U.S. dollar, itself, is a “relic” based upon any possible metric of analysis. Putting this all together, one currency stands out above all others in the global monetary system as “a barbarous relic”: the U.S. dollar.

More importantly; the USD is the primary weapon of corruption/crime for this pariah government and its banker Overlords. It is thus incumbent on the nations of the global community to first denounce the USD for what it really is: the fraud-currency of a barbarous empire, in terminal decline. Secondly, we need to rid the global economy of this barbarous relic – completely and permanently – and to do so as soon as possible.

#SprottMoney , # Jeff Nielson, # monetary system Posted in: Sprott Money Blogs Jeff Nielson