If Barack Obama wins on 4 November, as looks likely, he’ll inherit an economic mess rivalled only by the one that faced Franklin Roosevelt in 1933.Everyone is saying ...
There is rising chorus that the new President should do what Roosevelt did. What they are not saying, but meaning is, do what Roosevelt did. Krugman, this year's Nobel prize winners, also said in an interview that Roosevelt's actions need to be emulated.
Roosevelt nationalized gold.
Apart from a lot of things that Roosevelt did, which can be debateable, this was the one thing that he did, that made the US into a super power - for a short while (of 70 years).
And the nationalization of gold also impoverished the Americans. Nationalization of gold enabled the US Governments to enter costly wars like WW2, Vietnam War, and now the Iraq and Afghan Wars. This allowed to US to walk into the WW2 with 25,000 tons of gold - and impose Bretton Woods on the world.
Gold production (from Ghana, South Africa, Australia, Canada, Papua New Guinea, America, etc.,) was controlled by the Anglo Saxon Bloc - and the world's largest private reserves of gold, of India was controlled by the British. It is this choke on gold reserves that enabled thes sustenance of US as a superpower.
And now they are trying it again.
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The 2ndlook model for a Third currency Bloc is ready. Join in to review, participate, critique and develop the First Cut. While the need for a new global reserve currency has been evident, there is very little in the public sphere. The speed of events has clearly caught the BRICS and Third World napping - and unprepared. But, not 2ndlook - who, from the very beginning, proposed that the world should stop clinging to the Dollar-Euro skirts.
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