Empires – The End of the American Empire & the Death of the Dollar - section (ix)

This video then is the denouement of the mini-series about Empires.
As I claimed in my previous video, the American Empire is dying. In this video, I will endeavour to back up this claim with some evidence.
Before we go any further, I just wish to say that … warning people about the death of the American Empire is the principal reason for me making this mini-series on Empires. Forewarned is forearmed.
Anyway …
Why is the American Empire dying? It’s dying because the Dollar is dying. The cause of the death of most Empires is due, generally speaking, to economic woes. The USSR lost the Cold War and later collapsed completely, in part because it couldn’t outspend the US in the arms race, but over-extended itself trying to do so.
Why is the Dollar dying? The Dollar is dying because it’s a Fiat Currency. It’s not backed by anything. It has no intrinsic value, in and of itself. I refer you to a previous video I did entitled, “Fiat Currencies” to get a better understanding of this matter.
The Dollar was previously backed by gold before 1971. Backing a currency with Gold is hugely important. This is known as the Gold Standard. I also refer you to three videos I did previously entitled, “The Gold Standard”, “Money” and “Money v Currencies” to get a better understanding of these matters.

But one event changed the situation: the Nixon Shock in 1971. I refer you to a video I did previously entitled, “the Nixon Shock” to get a better understanding of this matter.
So, the Dollar has been propped up by two things. Firstly, since 1945, it’s held the World Reserve Currency status and secondly, since 1973, it’s been backed by the Petro-Dollar System. The World Reserve Currency has kept the US dollar in its privileged position and the Petro-Dollar System has provided support, support which it would otherwise not have had.
I refer you to two videos I did previously entitled, “The World Reserve Currency” and also “The Petro-Dollar System” to get a better understanding of these matters.
The Bretton Woods Agreement in 1945 made the Dollar into the World Reserve Currency.
I refer you to a video I did previously entitled, “The Bretton Woods System” to get a better understanding of this matter.
The World Reserve Currency status and the Petro-Dollar System are failing. The Petro-Dollar System has been failing for a few years. Both are yet to fail entirely but I would say that the end is nigh. In recent times, many countries have been de-Dollarising and off-loading US Government issued Bonds.
I have a moving image in mind of the twin towers that came down in the 9/11 attacks. First one came down, and then the other. I think this is not dissimilar to what is happening and what will happen. And the actual end part might be just as sudden. One minute they are standing and the next they are heaps of metal, debris and dust.
When will it happen? I can only answer this by saying, who knows. Timings are tricky. I think we can probably say that we are in the final phase. It ha