Is it possible to dispense with the green card in the global monetary system?

Is it possible to dispense with the green card in the global monetary system?

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Shatha Khalil *
Before we begin to tell the facts , dear reader ,you should know how America fooled the world to deal with the US dollar as the main currency covered by gold , and the countries to revalue its currencies in dollars , then overnight this cover was canceled, the link between gold and the dollar!
The beginning of the story of the US dollar’s control over the global economy:
In 1792, the US dollar was created and certified as the official currency of the United States in the form of three categories, the most expensive category was made of gold, the least of which was made of silver, the latter was made of copper.
The financial system continued to the year 1861 when the US civil war broke out between North and South. At that time, the North Central Government needed more money to fight the war and did not want to lose all its gold and silver.
Which led to the establishment of the paper currency (US dollar in its current green form) in 1862 and began printing, by the end of the American war, and about (461) million dollars were printed .
At the time, the coin was not covered in gold (the gold cover is to be able to exchange paper currency for gold whenever you want, since the paper currency is worth gold), but the US Congress criminalized anyone who refuses to deal with the US dollar at the time and imposed to deal with it, the dollar was a mere cash sheet as a trust between you and the government, and was not worth anything in fact since it is not covered with gold.
But in 1879, after huge inflation in the United States and the loss of the US dollar of a large part of its value, the US dollar was covered with gold, where people could replace green US dollars with gold whenever they wanted, reducing inflation and reviving the economy.
In 1929, the Great Depression was taken place (a global economic crisis that lasted for years) led US President Franklin Roosevelt to cancel the dollar’s cover in gold in 1933, but he re-covered the dollar in gold in 1934 with a relative adjustment of the price of dollar to get rid of the repercussions of that crisis.

New world system:
Before the United States emerged victorious from the World War by one year, it began to create a new world order and thus create a new global financial order, the United States and the US dollar at the top of the pyramid. This was achieved by the Bretton Woods Convention (1944) , and (44) countries around the world attended this Convention , and the conference lasted for more than (22) days, in which a large number of international conventions and treaties governing international trade were signed, in addition to the application of certain conditions and restrictions ,and the main results of this conference was to adopt the US dollar as a main reference for determining the price of currencies of other countries.
Globalization tools such as the International Monetary Fund, the World Bank and the World Trade Organization were established. The price of gold against the dollar was fixed at $ 35 per ounce of gold so the dollar became the global reserve currency instead of sterling, and the fixed exchange rate of other currencies was approved against the dollar so that it can be changed into dollars and then to be converted to the gold at a fixed price which led a large number of countries in the world to work on the accumulation of US dollars in order to replace them with gold in the future as a reserve, and a large number of these countries uses the currency of the dollar as a foreign exchange reserve, and the possession of the United States about half of the global stock of gold in a timely manner has helped to approve the price of hard currency system .
In 1957, the amount of money out of the United States exceeded the ones to come for the first time since the implementation of the Bretton Woods Accord that the US banks and multinational institutions have found the Investment and establishment of productive enterprises in cheap labor places in Latin America, Europe and Asia Investment is more effective than investing within the United States, while keeping its profits abroad.

Vietnam War and the Nixon Shock:
The United States fought a war against Vietnam during the years 1956-1975. It needed more dollars to cover the costs of war, but dollars were not enough. Gold in the United States (and even the world) was no longer enough to cover the US dollar. The United States exceeded the maximum limit of printed dollars, and printed dollars not covered in gold without informing anyone.
the matter maximize the crisis and disclose it when in 1971, French President Charles de Gaulle demanded the transfer of US dollars existed in the French central bank to gold (asking for $ 191 million to be converted into gold equivalent, the price of the ounce was $ 35), pursuant to the agreement Bretton Woods, which allowed this, led to the inability of the United States later to convert any US dollars to gold, prompting President Richard Nixon to issue a statement in 1973, which eliminates the commitment of the United States to convert US dollars to gold, later known by the name Nixon Shock .
What Nixon did was to replace the gold standard with the dollar standard and to impose the US currency on the world as a fait accompli. For many, the American decision was the biggest theft in history. If one of them saved $ 350, he had the equivalent of 10 ounces of gold according to the previous US commitment , but now his savings are equal to one ounce when the price of gold jumped to $ 350 for an ounce, who stole nine ounces of gold ?!

The new financial system replaced the yellow gold cover with black gold (oil) by forcing the world to collude with the big OPEC countries as the dollar is the only acceptable currency to pay for the price of oil.
The adoption of the US dollar as the main reference for determining the price of the currencies of other countries, within the agreement that led to the formation of the foreign exchange system, and the formation of the International Monetary Fund and the World Bank for development and reconstruction, established the dominance of the US dollar on the world’s economic transactions.
As for gold, it has become free, and no one controls it except supply and demand. All the currencies, including the US dollar, are standing on one ground , all of which are mandatory paper currencies, which in fact have no value other than the commitment of governments. The value of dollar has fallen 40 times since 1973 and So far, and the price of gold has gone mad, and has become a common commodity like silver, platinum and others.

It was a real shock to countries all over the world. It was a hoax that the whole world was fooled into. After working over the years to build up the US dollar as a reserve for foreign exchange to replace it with gold when it wanted, it is now unable to do so. The worst of all is that it was and still Is forced to deal with the dollar, because it can not abandon it after it has accumulated all these dollars in foreign exchange reserves, otherwise it will be lost in the wind.
Finally, the dollar has been imposed on the world as the only currency used for the oil trade. Thus, conditions are created that dictate a great interest in the purchase of the dollar and in a way that allows the American currency printing presses to continue to print what it was wanted of US paper currency as long as the oil remains the main source of energy in the world. For example, when global consumption is 90 million barrels per day and at $ 100 a barrel, that means that US printing presses can print $ 9 billion a day, forcing the world to buy them to pay the oil bill.

Even if the $ 100 cost on the US Treasury is no more than 10 cents, and that money will be registered in US banks or buying US Treasury bonds, except for what the producing countries have spent on their consumer products and the purchase of weapons, the rest of that money will remain in the US and Western economies, Thus, the oil material turns into fake papers in the coffers of Western countries.

Developing countries have lived the big problem, which was forced to borrow from Western banks to pay their oil bills because of the high prices, which put them in the spiral of the International Monetary Fund and its conditions, which lead to the extradition of the sovereignty of the States in exchange for those conditions.

One might ask: Why these countries don’t disengage itself from the dollar and cancel dealing with it? Because the American fleet that roams the world is not there to guard a vacuum, the military force is the one who protects economic power.

Thus, the dollar has become the largest foreign reserve currency in the world, where all countries are forced to deal with it, in addition to being the main currency on which the rest of the currencies are determined, which cemented American hegemony over the world economy.
The United States has made several lies, planted its fleets on Arab oil-producing land, built its military bases and airports over all oil fields to protect its interests, not to protect the producing countries. Today America speaks of the logic of the colonizer and demands royalties from the oil states for US forces in order to build bases on its territory. Oh, Arab states, you have the oil weapon, do you have the will to be an economic and political force with a weight in the region parallel to the forces of the world?!

Economic Studies Unit
Rawabet Center for Research and Strategic Studies