Bretton Woods: The Secret Deal That Doomed Your Savings

"The US was able to finance its own balance of payments deficits by issuing its own currency which other nations needed to hold as reserves."

"This in turn tended to worsen the US's trade deficit, further increasing the supply of dollars abroad and therefore making the triffin dilemma a self-reinforcing mechanism."

"Thankfully, of course, we now have Bitcoin to offer at least some relief against the downon price action of fiat currency."

"The system's reliance on a national currency as the primary source of international liquidity was an inherent contradiction that would gradually prove fatal."

"As international trade flows increase and economies grow, so too does the demand for the reserve currency. This demand is typically met as a result of the issuer of the reserve currency running balance of payments deficits. But if net outflows continue indefinitely, the stock of the reserve currency held abroad will eventually exceed the issuing country's gold holdings. This erodes confidence in the convertability of the reserve currency into gold, which becomes increasingly tenuous."

"the exorbitant privilege of issuing the world's reserve currency came with a quote unmentioned exorbitant burden, namely the gradual erosion of its domestic manufacturing base and a growing net international investment position deficit."

"And that, folks, is how fiat currency was born. Leaving money with no backing but the issuers monopoly on violence."

"impending sovereign debt crises that are likely to just be inflated away."