{"id":21779,"date":"2021-11-28T22:20:50","date_gmt":"2021-11-28T21:20:50","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=21779"},"modified":"2021-11-28T22:20:50","modified_gmt":"2021-11-28T21:20:50","slug":"the-lord-almighty-our-master","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master","title":{"rendered":"$: the lord almighty, our master"},"content":{"rendered":"

\"\"<\/p>\n

 <\/p>\n

15th<\/sup> August 1971: surely the most important date of the 20th<\/sup> century for economics and finance, the day that marked the decision of US President Nixon to unpeg the dollar from gold. Taken on a Sunday evening, before the opening of the markets, it introduced a new era: that of a currency underpinned solely by the credibility of the Treasury and therefore of the American government. The good old days of precious metals were over, with the gold standard having been established by Western nations about a century before this volte-face. From one day to the next, what had been measured against gold \u2013 that being everything! \u2013 was now measured against the US dollar. The Greenback was thus heralded as the new gold. In macroeconomic terms, the US federal deficit went from 2.1% of GDP to about 13.5% today.<\/p>\n

Let\u2019s stay on the \u201cmacro\u201d element because this bomb that was dropped unilaterally (as per usual) by the Americans should be analysed within the context of a country that had been trying desperately to get out of the very unpopular Vietnam War. Fifteen or so of President Nixon\u2019s closest advisors put intense pressure on him at his Camp David residence over that fateful weekend. His whole economic policy and programme were therefore written off because they had to \u2013 in the very words of the Secretary of the Treasury at the time, John Connally, speaking to journalists immediately after his president\u2019s intervention \u2013 \u201cscrew the foreigners before they screw us\u201d\u2026before acknowledging that \u201cno one knows what\u2019s going to happen now\u201d.<\/p>\n

Combined with an immediate increase of 10% on tariffs, this decision dumbfounded the world \u2013 and mainly the allies and partners of the United States. Not only was the dollar no longer exchangeable with gold, but the USA had rekindled protectionism, even if the cynics of the time were making a claim that has indeed been confirmed by economic historians: this increase in US tariffs was in reality nothing but a means of putting pressure on Europe to make them accept this de facto devaluation of the dollar. A cascading wave of devaluations thus ensued for European currencies, including the Italian lira that made Nixon utter his infamous line \u201cI don\u2019t give a shit about the lira<\/a>\u201d. America\u2019s currency was then again devalued in 1973 and, in parallel, nearly all important currencies were resigned to fluctuating, not without bringing about at one point a fall of 50% for the US dollar against the yen and the deutschemark.<\/p>\n

It was, however, to stay at the heart of global finance \u2013 this dollar \u2013, a real and unique cornerstone of the world\u2019s financial architecture, despite the abandoning of the gold standard and going against all the prophecies that foretold (and still foretell today) the end of its reign. And, in fact, it saw such a rise in value at the start of the 1980s that it required the international Plaza Accord in September 1985 to stymie its take-off. It saw another jump at the end of the 1990s. Then, contrary to all predictions, the extremely troubled period of the Lehman bankruptcy and the subprime and credit crises of the years 2007-2009 actually reinforced its status. It is the star that all other world currencies (including the euro) orbit.<\/p>\n

In fact, the dollar isn\u2019t only the main currency of international trade. Nor is it only the number one currency of central bank reserves. Its presence and usage allow it to grease the cogs of all economies throughout the world: it is<\/strong> liquidity, in and of itself. Its power of attraction is so strong that the whole world, its governments, institutions, and families, all want to make their savings in dollars, which literally forces the US Federal Reserve to make more and more of it in order to satisfy global demand, or the global frenzy one could say. Everyone wants to get their hands on it: from the most traditional of central banks to terrorist factions who swear paradoxically to want to destroy the \u201cGreat Satan\u201d. In short, America prints dollars \u2013 some for itself of course \u2013 but mainly for the rest of the world<\/strong>. In doing so, it sits comfortably and often abuses its hyper-dominant position by imposing sanctions on those who dare to defy it that are impossible to circumvent. But above all, it has built a thermonuclear financial bomb against which there is no recourse: extraterritoriality.<\/p>\n

A threat is however visible over the horizon, or perhaps even closer: the digital revolution, that will \u2013 inevitably \u2013 (also) destabilise the dollar. The era of national currencies seems to be coming to an end, as they will be gradually supplanted by private currencies that will not be built on the credibility of the respective nation, but that will be generated by and built from databases and information.<\/p>\n","protected":false},"excerpt":{"rendered":"

  15th August 1971: surely the most important date of the 20th century for economics and finance, the day that marked the decision of US President Nixon to unpeg the dollar from gold. Taken on a Sunday evening, before the opening of the markets, it introduced a new era: that of a currency underpinned solely…<\/p>\n","protected":false},"author":4,"featured_media":21775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[648941774,648941628,648941262,648941295],"tags":[],"class_list":["post-21779","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-money","category-dollar-2","category-united-states","category-us-dollar"],"yoast_head":"\n$: the lord almighty, our master - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$: the lord almighty, our master - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"  15th August 1971: surely the most important date of the 20th century for economics and finance, the day that marked the decision of US President Nixon to unpeg the dollar from gold. Taken on a Sunday evening, before the opening of the markets, it introduced a new era: that of a currency underpinned solely…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master\" \/>\n<meta property=\"og:site_name\" content=\"Michel Santi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/michel.santi.economiste\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-28T21:20:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2021\/11\/14802-HHRUMCC8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"199\" \/>\n\t<meta property=\"og:image:height\" content=\"197\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Michel Santi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:site\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michel Santi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master\"},\"author\":{\"name\":\"Michel Santi\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"headline\":\"$: the lord almighty, our master\",\"datePublished\":\"2021-11-28T21:20:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master\"},\"wordCount\":802,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1\",\"articleSection\":[\"digital money\",\"dollar\",\"United States\",\"US Dollar\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master\",\"name\":\"$: the lord almighty, our master - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1\",\"datePublished\":\"2021-11-28T21:20:50+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1\",\"width\":199,\"height\":197},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/digital-money\\\/the-lord-almighty-our-master#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/michelsanti.fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"$: the lord almighty, our master\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/\",\"name\":\"Michel Santi\",\"description\":\"\\\"It is not because things are difficult that we do not dare. It is because we do not dare that they seem difficult\\\", Seneca the Younger\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/michelsanti.fr\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\",\"name\":\"Michel Santi\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g\",\"caption\":\"Michel Santi\"},\"sameAs\":[\"https:\\\/\\\/michelsanti.fr\\\/\"],\"url\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/author\\\/msanti17\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"$: the lord almighty, our master - Michel Santi","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master","og_locale":"en_US","og_type":"article","og_title":"$: the lord almighty, our master - Michel Santi","og_description":"  15th August 1971: surely the most important date of the 20th century for economics and finance, the day that marked the decision of US President Nixon to unpeg the dollar from gold. Taken on a Sunday evening, before the opening of the markets, it introduced a new era: that of a currency underpinned solely…","og_url":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master","og_site_name":"Michel Santi","article_publisher":"https:\/\/www.facebook.com\/michel.santi.economiste","article_published_time":"2021-11-28T21:20:50+00:00","og_image":[{"width":199,"height":197,"url":"https:\/\/michelsanti.fr\/wp-content\/uploads\/2021\/11\/14802-HHRUMCC8.jpg","type":"image\/jpeg"}],"author":"Michel Santi","twitter_card":"summary_large_image","twitter_creator":"@michelsanti1","twitter_site":"@michelsanti1","twitter_misc":{"Written by":"Michel Santi","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master#article","isPartOf":{"@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master"},"author":{"name":"Michel Santi","@id":"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4"},"headline":"$: the lord almighty, our master","datePublished":"2021-11-28T21:20:50+00:00","mainEntityOfPage":{"@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master"},"wordCount":802,"commentCount":0,"image":{"@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/11\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1","articleSection":["digital money","dollar","United States","US Dollar"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master#respond"]}]},{"@type":"WebPage","@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master","url":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master","name":"$: the lord almighty, our master - Michel Santi","isPartOf":{"@id":"https:\/\/michelsanti.fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master#primaryimage"},"image":{"@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/11\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1","datePublished":"2021-11-28T21:20:50+00:00","author":{"@id":"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4"},"breadcrumb":{"@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master#primaryimage","url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/11\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1","contentUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/11\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1","width":199,"height":197},{"@type":"BreadcrumbList","@id":"https:\/\/michelsanti.fr\/en\/digital-money\/the-lord-almighty-our-master#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/michelsanti.fr\/"},{"@type":"ListItem","position":2,"name":"$: the lord almighty, our master"}]},{"@type":"WebSite","@id":"https:\/\/michelsanti.fr\/#website","url":"https:\/\/michelsanti.fr\/","name":"Michel Santi","description":"\"It is not because things are difficult that we do not dare. It is because we do not dare that they seem difficult\", Seneca the Younger","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/michelsanti.fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4","name":"Michel Santi","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g","caption":"Michel Santi"},"sameAs":["https:\/\/michelsanti.fr\/"],"url":"https:\/\/michelsanti.fr\/en\/author\/msanti17"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/11\/14802-HHRUMCC8.jpg?fit=199%2C197&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pagvtB-5Fh","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":20031,"url":"https:\/\/michelsanti.fr\/en\/dollar-2\/the-saudi-us-pact-reflection-of-a-vulnerable-america","url_meta":{"origin":21779,"position":0},"title":"The Saudi\/US pact: reflection of a vulnerable America","author":"Michel Santi","date":"February 17, 2020","format":false,"excerpt":"\u00a0 The US is made a distant comeback. Its dollar was, at the start of the 1970s, in a precarious situation due to the exorbitant cost of the Vietnam war and the various social programmes whose combined effects meant the country could no longer maintain the parity with gold that\u2026","rel":"","context":"In "dollar"","block_context":{"text":"dollar","link":"https:\/\/michelsanti.fr\/en\/category\/dollar-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/02\/p%C3%A9trole-.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":13733,"url":"https:\/\/michelsanti.fr\/en\/saudi-arabia\/the-moment-of-truth-for-saudi-arabia-and-petrodollars","url_meta":{"origin":21779,"position":1},"title":"The moment of truth for Saudi Arabia and petrodollars","author":"Michel Santi","date":"March 4, 2017","format":false,"excerpt":"At the end of the Second World War, the enormous reserves of American gold - the largest in the world at the time - allowed this metal to construct a new world order centred around the dollar. The Bretton Woods Conference held in 1944 formalised the consecration of the greenback,\u2026","rel":"","context":"In "Oil"","block_context":{"text":"Oil","link":"https:\/\/michelsanti.fr\/en\/category\/oil"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ibn_saoud.jpg?fit=377%2C437&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":19360,"url":"https:\/\/michelsanti.fr\/en\/interest-rates\/gold-conservatives-and-conspiracy-theory","url_meta":{"origin":21779,"position":2},"title":"Gold, Conservatives and Conspiracy Theory","author":"Michel Santi","date":"April 2, 2019","format":false,"excerpt":"\u00a0 Stephen Moore, who was appointed by Donald Trump to the board of governors of the US Federal Reserve, is one of those who sees gold as the ultimate refuge. He has just stated that yellow metal prices are expected to rise to $ 2,000 an ounce and that any\u2026","rel":"","context":"In "gold"","block_context":{"text":"gold","link":"https:\/\/michelsanti.fr\/en\/category\/gold"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/04\/complot.jpg?fit=1200%2C556&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/04\/complot.jpg?fit=1200%2C556&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/04\/complot.jpg?fit=1200%2C556&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/04\/complot.jpg?fit=1200%2C556&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/04\/complot.jpg?fit=1200%2C556&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":24036,"url":"https:\/\/michelsanti.fr\/en\/gold-standard\/end-game","url_meta":{"origin":21779,"position":3},"title":"End game","author":"Michel Santi","date":"February 12, 2023","format":false,"excerpt":"\u00a0 The gold standard was a system where the currency of a country was linked to gold and which could materialize either by defining a certain quantity of metal in exchange for the American dollar, or indirectly through currencies having a fixed parity against the greenback. As early as 1944\u2026","rel":"","context":"In "gold standard"","block_context":{"text":"gold standard","link":"https:\/\/michelsanti.fr\/en\/category\/gold-standard"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire-300x170.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":13643,"url":"https:\/\/michelsanti.fr\/en\/isil\/islamic-state","url_meta":{"origin":21779,"position":4},"title":"Islamic State: from terrorism to economic regression","author":"Michel Santi","date":"October 17, 2015","format":false,"excerpt":"The film posted online by Daech on the 1st of September last year lasts nearly an hour and appears in the style of a documentary, shows statistical data and calls upon \u201cexperts\u201d. \u201cThe rise of the Khalifah and the Return of the Gold Dinar\u201d explains the theological motives which are\u2026","rel":"","context":"In "ISIL"","block_context":{"text":"ISIL","link":"https:\/\/michelsanti.fr\/en\/category\/isil"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/the-rise-of-the-khilafah-return-of-the-gold-dinar-33.png?fit=627%2C335&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/the-rise-of-the-khilafah-return-of-the-gold-dinar-33.png?fit=627%2C335&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/the-rise-of-the-khilafah-return-of-the-gold-dinar-33.png?fit=627%2C335&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":13719,"url":"https:\/\/michelsanti.fr\/en\/european-union\/the-euro-and-the-gold-standard","url_meta":{"origin":21779,"position":5},"title":"The euro and the gold standard","author":"Michel Santi","date":"October 23, 2016","format":false,"excerpt":"Well before the creation of the euro, the Canadian, Robert Mundell, was to enumerate the conditions of success for a monetary union. His works won him the Nobel Prize in 1999, precisely the year that the euro was launched. According to Mundell, a currency shared by a large geographic area\u2026","rel":"","context":"In "bubble"","block_context":{"text":"bubble","link":"https:\/\/michelsanti.fr\/en\/category\/bubble"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21779","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=21779"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21779\/revisions"}],"predecessor-version":[{"id":21781,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21779\/revisions\/21781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/21775"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=21779"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=21779"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=21779"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}