In.1972 President Nixon devaluated dollars after Europeans refused to accept it.
Since 1975nthe United States has had a negative balance and in 1985 for the first time since 1914 US debt owed to foreign creditors exceeded foreign debts owned to US creditors according to The New Encyclopedia Britanica.
Another secret of the money game is demand deposits, money placed in a bank which can be widraw at any time on demand. We know this system as checking account. They are replaced by plastic debit cards.
Depositors today pay ever increasing service charges for the privilege of allowing their money to be used for profit by their bank.
When a person deposit $100 in a bank this is in effect a loan to the bank since it must be repaid on demand. Therefore the $100 is considered a liability.
The bank loans the $100 to someone else who must repay it with interest. Now the same money is considered an asset.
The same money is both asset and liability contracting each other providing that money is essentially worthless.
When the same money $100 is put into a sa ing account there is a small amount of interest accrued on the condition that the money cannot be withdrawn quickly.
When the $100 is placed in a chewing account the depositor draws no interest at all. But when the bank loans the $100 they charge healthy interest based on current rates and reap the profit.
It is clear that in banking debt equal profit.
This is the primary secret of money. This is why Initrd States has become a debtor nation.
From “Ruled by Secrecy ” by Jim Marrs