FINAL WARNING: Financial Background
Dr. H. A. Murkline, Director of the International Institute University in
Irving, Texas, wrote in World Oil: 1976 that he projected that the
Federal Government could only hold out till the end of 1981. Dow
Theory Letters, Inc. reported that by 1982, the cost of dealing with the
national debt “would eat up all the government tax money available.”The Robbins Report of January 15, 1978, said: “If Carter introduces
Bancor, which will be the yielding of our dollar to the ECU (European
Currency Unit), this is what will happen: look for hyperinflation and
collapse of all the world’s paper money before 1985.” Julian Snyder
said in the International Money Line of February, 1978: “The United
States is trying to solve its problem through currency depreciation
(debasement) ... it will not work. If the crash does not occur this year, it
could be postponed until 1982.”On March 13, 1979, while meeting at Strasbourg, France, the
Parliament of Europe, which governs the European Economic
Community (Common Market), oversaw the establishment of a new
European money system. Known as the ECU, it was backed by 20% of
the participating countries’ gold reserves (about 3,150 tons). What little
strength our dollar had, came from the fact that all nations buying oil
from OPEC, had to use U.S. dollars. Then came the word in March,
1980, from Arab diplomatic sources at the United Nations that the
Chase Manhattan Bank was making plans to drop the dollar in lieu of
the ECU.Dr. Franz Pick, a well known authority on world currency, said in
December, 1979, in the Silver and Gold Report: “The most serious
problem we face today is the debasement of our currency by the
government. The government will continue to debase the dollar until ...
within 12-24, months it will shrink to 1 cent ... at which time
Washington will be forced to create the new hard currency ... A
currency reform is nothing but a fancy name for state bankruptcy ... A
currency reform completes the expropriation of all kinds of savings ...
it will wipe out all public and private bonds, most pensions; all
annuities, and all endowments.”Against all odds, our economy has continued to hang on, even though
financial analysts have continued to forecast disastrous conditions.