Bomb

In 1971, the Bretton Woods monetary system was scrapped, and American currency was allowed to 'float'against all others,being unchained to any metal standard (the Vietnam War and Saudi Arabian oil issues were involved in Nixon's decision) ....This change in policy eventually led to our present trade, debt and currency predicament- our national debt is now about $9 trillion dollars...other countries service this debt (about 55% of it is now 'owned' by China and Japan) thru the purchase of Federal bonds and notes. ....In theory this debt could be used to our advantage, as a declining dollar makes it easy for others to buy our exports- but our manufacturing base has eroded about 17 % under Bush; we don't export like we use to. Recently several governments have stated their intention to stop buying our dollars-Syria, Russia, Iran, a few others -if China or Japan tommorow decided to dump its dollars, the US would be in a hyperinflationary scenario....