100 years ago Henry Ford talked about replacing the gold backed USD with “energy currency”. “The essential evil of gold in its relation to war is the fact that it can be controlled. Break the control and you stop war.”

This is going to blow everyone’s mind, but the USD bucked the gold standard under FDR in the 1930s. You know what “backs” the dollar? Fiat currency, ie the USD. The world’s reserve currency is, you guessed it, the USD. China has been trying for years to remove the USD has the world reserve currency. It’s difficult, though, given that crude oil is “backed” by… the USD and has been since the 1970s. I’m the early 2000s, Iraq and Iran considered changing how oil was backed. All those wars in the Middle East suddenly make sense, right? The USD being backed by fiat currency also means that when we printed trillions of dollars for stimulus payments, we also weakened or diluted the value of the dollar in the process. While global supply chain, fed rates, consumer behavior, energy, and various other components are believed to be influencing current inflation, the fiat backed dollar is another variable not being discussed.

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