America’s Rigged System
When Donald Trump speaks about 'Making America Great Again', many people ask themselves, "When exactly did America stop being great?" America's Rigged System of today is made possible by its fractional reserve banking system and the ability of the Federal Reserve to print money out of thin air. In 1971, United States President Richard Nixon ended the U.S. Gold Standard so that foreign countries could no longer settle their international accounts in U.S. dollars that are convertible to gold at a fixed rate of $35 per oz. This effectively made the U.S. dollar a fiat currency that is backed by nothing other than faith and confidence that it will always be accepted as a medium of exchange, while retaining its purchasing power. Since the end of the U.S. Gold Standard, the American middle class has experienced a dramatic and continuous decline in their standard of living. The U.S. Gold Standard was a boon to middle-class Americans. From 1917 through 1971 when the U.S. had sound money, the Top 1% of U.S. income earners experienced a real earnings increase of 12.89% vs. the Top 10% experiencing a real earnings increase of 101.12% and the Bottom 90% experiencing a real earnings increase of 191.64%. Since switching to a fiat currency system in 1971, the real earnings of the Bottom 90% have declined by -2.28% vs. the real earnings of the Top 10% rising by 92.37% and the real earnings of the Top 1% rising by 201.79%. Overall for the last century, the Bottom 90% have fallen behind the Top 1% and Top 10% - after being well ahead of them in 1971. By ending the U.S. Gold Standard, the government has rigged the system against the American middle class. They have enabled the Federal Reserve to redistribute the income and savings of the middle class to the wealthy, elite, politically-connected class through money printing and inflation. Click here to check out NIA's shocking must see charts of everything discussed above!