American needs damaging economy; LETTERS.

AFTER World War II the Bretton Woods conference decided that the US dollar would be the reserve global currency, underpinned by the gold standard.

The Americans kept the printing press, and all went well till America lost in Vietnam, billions of war bills to be paid so Nixon dropped off the gold standard and printed money, causing global inflation. To underpin its currency the Americans muscled in to Saudi Arabia and created the Petroleum dollar, now oil is beyond peak production.

I also wonder where we are, with much in common with USA. Yes: post colonialism, high unemployment and corrupted financial systems, and thanks to Tony and George we too have large war bills to pay!

No change then.

Ian Hughes, Deeside.

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Title Annotation:	Features
Publication:	Daily Post (Conwy, Wales)
Date:	Jun 4, 2014
Words:	122
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