35 years ago today

[serryjw]

We became an Empire.

quote.........
When in 1970-1971 foreigners demanded payment for their dollars in gold, The U.S. Government defaulted on its payment on August 15, 1971. While the popular spin told the story of "severing the link between the dollar and gold", in reality the denial to pay back in gold was an act of bankruptcy by the U.S. Government. Essentially, the U.S. declared itself an Empire. It had extracted an enormous amount of economic goods from the rest of the world, with no intention or ability to return those goods, and the world was powerless to respond- the world was taxed and it could not do anything about it.
end quote.......
http://www.informationclearinghouse.info/article11613.htm

Great article..all must read

[TomInTib]

1. And this just passed like a ship in the night...

k&r