The British System vs. the American System: Why the Collapse is Inevitable

https://larouchepub.com/other/2020/4742-the_british_system_vs_the_amer.html 

 

Between 1971 and 1973, banks of the City of London and its offshore centers destroyed President Franklin Roosevelt’s post-war Bretton Woods monetary and credit system. London’s offshore banks broke all the Bretton Woods rules in the dollar “carry trade” known as the eurodollar and petrodollar markets. These markets resumed the standard British banking model—lending directly at very high interest rates to sovereign governments, in this case to developing nations.

By 1980, these British banks had Wall Street in tow, and through these markets, had hosted two gigantic oil hoaxes, generated rampant inflation throughout industrial countries, created a growing “Third World debt bomb”—and the world economy was awash in speculation in currency values, interest rates, etc. In another five years after that, the vast majority of new dollar currency was actually being created in London for speculative purposes.