By Shadow of Truth, The Daily Coin
The past several years I have heard the US dollar being referred to as the “petro-dollar” insinuating that oil is actually what backs the dollar. Close, but not exactly accurate. What backs the US dollar is war. The military is the backing force for the US dollar. Saddam Hussein and Moammar Gadhafi are prime examples of what happens if you decide exchanging your oil for something other than US dollars is a good idea. It’s not going to happen. Tomahawk missiles for everyone!! 110 Tomahawk missiles were dropped on Libya in one day. 110.
We take a look at the new SWIFT system launched, well ahead of time, by Russia and the impact that it will have on the war-dollar. With China already applying pressure to the war-dollar via the direct currency swaps, this new system will only make the war-dollar less desirable on the global stage.
Several economic indicators hit the wire today, not a single piece of good economic information was released. The housing market continues its slide south, the west coast longshoreman’s strike continues and, of course, gold and silver were both monkey-hammered. But what would you expect with such great economic news flowing from the four corners of the United States.
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Contributed by Rory Hall of The Daily Coin.
As a daily contributor at SGTReport.com. for the past two years I have written a several original articles and interviewed some of the top precious metals professionals in the industry, as well as top preparedness specialists in the world. YouTube Channel, The Daily Coin, was launched in February 2014 and website TheDailyCoin.org was launched April 25, 2014. As a student of monetary, financial and economic history for the past five years it has taught me to watch the markets with an open mind and a hand on my wallet.
Also, built and maintained Rory’s Glass (Eyes of the Heart Glassworks) – now closed to the public.