Crime Against Humanity: the Ambiguous Money Cycle – Gold Standard Cycle, 20

Moreover, in addition to having nothing to give in exchange to redeem that flood of paper, all that paper repudiated abroad that returns home threatens to flood the country: the country went on “exporting its inflation”, as they say, and now that inflation is going to come home to roost, too. And since what was “esported” worldwide is all returning to a single country, the order of magnitude of this accompanying inflation is that of a flood – a Great Flood. No way!

Back to our case in point, so much fractional reserve scam the United States practiced that at a certain point not even two thirds of the world’s gold accumulated thanks to the world wars was enough to back it up any more. A huge bank run −style Great Flood loomed in the distance, approaching fast. So wide was the tsunami front that calling them all subversives would fall on deaf ears, as there would hardly be anyone left that was not worthy this label.

The solution to this cul de sac was the historical turning point of midsummer 1971: the United States’ President Nixon tells the word, “You know what? We’re not going to redeem our dollar in your hands in gold any more. Suck it up. That’s all, folks.”
Aside from being a tad euphemistical, it may be not immediately evident that such statement could be reworded otherwise.
If it weren’t the United States’ superpower speaking, but any third world country defaulting, it may sound like that:
“Dear Creditors, we’re too weak and defenceless to dare say whether the insolvency and debt we sank in are legitimate or odious, but in either case we’re here, hat in hand, begging you not to hurt us too much in foreclosing the family jewels we have left.”
And if they’d stop with the charade and the euphemisms, in the outright abstract terms of out exchange it may sound like that:
“You know what? We no longer intend to honour the obligations we pretended to assume to you in exchange for the actual products you gave to us. We no longer intend to even pretend to be indebted to you: we got all your products in exchange for nothing, furthermore we intend to continue to do so indefinitely, and that’s that; so what?”