Ex-French President Charles de Gaulle Predicted a US Monetary Crisis in 1965

In 1965, French President Charles De Gaulle, called in for an international return to the gold standard. He was the first person in modern history to call the hand of the USA on its then obligation to convert French held dollar reserves into gold. He demanded that the US ship back their dollars in converted gold to France.

More countries joined France in demanding gold for dollars. This eventually led to President Nixon ending this convertibility to gold and ended any link at all between the dollar and gold in 1971.

Here is his speech as seen in the video:

The fact that many countries accept as a principle, dollars as good as gold for the payment of the differences existing to their advantage in the American balance of trade, this very fact, leads Americans, to get into debt and to get into debt for free at the expense of other countries. Because, what the US owes them, it is paid, at least in part, with dollars they are the only ones allowed to emit.

Considering the serious consequences a crisis would have in such a domain, we think that measures must be taken on time to avoid it. We consider necessary that international trade be established, as it was the case, before the great misfortunes of the World, on an indisputable monetary base, and one that does not bear the mark of any particular country. Which base? In truth, no one sees how one could really have any standard criterion other than GOLD.


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