Ron Paul – The End of Dollar Hegemony

Before the U.S. House of Representatives 
February 15, 2006

The End of Dollar Hegemony A hundred years ago it was called “dollar diplomacy.”  After World War II, and especially after the fall of the Soviet Union in 1989, that policy evolved into “dollar hegemony.”  But after all these many years of great success, our dollar dominance is coming to an end.
It has been said, rightly, that he who holds the gold makes the rules.  In earlier times it was readily accepted that fair and honest trade required an exchange for something of real value.
First it was simply barter of goods.  Then it was discovered that gold held a universal attraction, and was a convenient substitute for more cumbersome barter transactions.  Not only did gold facilitate exchange of goods and services, it served as a store of value for those who wanted to save for a rainy day.
Though money developed naturally in the marketplace, as governments grew in power … Read More Here

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