Mark Carney sold Canadas gold reserves
- Thread starter d01tg0d0wn
- Start date
RightOfSask
Ga$$light R Us, Joyful Patriot Jabber
I don't know why people are making this point. When Trudeau came in power, Canada had about 3.4 tons of gold. That was sold. The real selling happened under Mulroney and Chretien. Went down from 700 tons of gold to like 50 in a decade. Then Martin continued to sell it until only the 3 tons were left. And when Trudeau sold the last 3 tons, Carney was on the other side of the ocean in England.
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d01tg0d0wn
Based Member
So what you are saying is the derpstate is real and there is a uniparty
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RightOfSask
Ga$$light R Us, Joyful Patriot Jabber
d01tg0d0wn
Based Member
@RightOfSask Carney is a fossil so i imagine he was behind this the whole time as he has been in the background pretty much being an asshole
RightOfSask
Ga$$light R Us, Joyful Patriot Jabber
And on top of that, even if we still had the gold reserves they would not be protecting the CAD outside a BW system.
d01tg0d0wn
Based Member
Bw died long time ago. We are in a petro dollar system are we not
This is why fuel prices need to be kept high and war to manage supply. Cant have to much of that oil floating around as it would destroy the petro dollar if so. Also thats why they have opec to manage the dollar system
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The Bretton Woods system of fixed exchange rates backed by gold (1944–1971) collapsed when the U.S. could no longer guarantee gold convertibility, leading Nixon to end the gold standard in 1971. It was replaced by the petrodollar system, established in 1973–1974 via agreements with Saudi Arabia and OPEC, which mandated that oil be sold exclusively in U.S. dollars in exchange for military protection.
Key Aspects of the Transition:
End of Bretton Woods (1971): Mounting debt from the Vietnam War and inflation forced the US to stop converting dollars to gold, ending the gold-backed, fixed-rate system.
The Petrodollar Agreement (1973-1975): To maintain global demand for the dollar, the U.S. secured deals with Saudi Arabia and other OPEC nations to price all oil exports in USD.
Recycling Petrodollars: Oil-producing nations invested their surplus dollar revenues back into U.S. Treasury securities, funding U.S. debt and keeping interest rates low.
Shift to Fiat: This moved the global economy from a gold-standard system to a fiat currency system backed by the geopolitical importance of energy, solidifying the dollar's role as the primary reserve currency.
This is why fuel prices need to be kept high and war to manage supply. Cant have to much of that oil floating around as it would destroy the petro dollar if so. Also thats why they have opec to manage the dollar system
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The Bretton Woods system of fixed exchange rates backed by gold (1944–1971) collapsed when the U.S. could no longer guarantee gold convertibility, leading Nixon to end the gold standard in 1971. It was replaced by the petrodollar system, established in 1973–1974 via agreements with Saudi Arabia and OPEC, which mandated that oil be sold exclusively in U.S. dollars in exchange for military protection.
Key Aspects of the Transition:
End of Bretton Woods (1971): Mounting debt from the Vietnam War and inflation forced the US to stop converting dollars to gold, ending the gold-backed, fixed-rate system.
The Petrodollar Agreement (1973-1975): To maintain global demand for the dollar, the U.S. secured deals with Saudi Arabia and other OPEC nations to price all oil exports in USD.
Recycling Petrodollars: Oil-producing nations invested their surplus dollar revenues back into U.S. Treasury securities, funding U.S. debt and keeping interest rates low.
Shift to Fiat: This moved the global economy from a gold-standard system to a fiat currency system backed by the geopolitical importance of energy, solidifying the dollar's role as the primary reserve currency.