Aggregated Awareness

In being curious as to matters concerning monetary inflation, and by extension, currency devaluation, due to the ongoing global 'competitive currency war' amongst the world's central banks, and the concomitant "quantitative easing" (aka 'money printing' aka 'Queasing'), we went about researching a few items in this area of monetary concern, from an Australian perspective.

We look at the devaluation of the Australian Dollar (AUD) vis a vis, gold, and the sovereign gold sales of Australia's gold, by the then Treasurer Peter Costello in 1997. A disastrous decision, and ultimately, a failure of fiduciary responsibility of the nations finances by the once Treasurer, with the ramifications of that action in light of Article 115 in the Australian Constitution...

From the prodigious Antal E Fekete via his blog comes this latest essay for inquiring minds. In it, he explores the concepts behind the floating exchange rate regime that the world has lived with, since the US, under President Nixon reneged (ie. defaulted) on it's international gold obligations on the 15th August, 1971.

The exploration of the floating exchange rate regime by Professor Fekete comes to the conclusion, that it is a scheme to embezzle the US Dollar balance of surplus nations. This is achieved by luring the surplus nation to revalue their currency upwards against the US Dollar, as China is being asked to do now, and Japan had been asked to do previously.