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Under a gold standard, the amount of credit that an economy can support is determined by the economy’s tangible assets, since every credit instrument is ultimately a claim on some tangible asset. But government bonds are not backed by tangible wealth, only by the government’s promise to pay out of future tax revenues, and cannot easily be absorbed by the financial markets. A large volume of new government bonds can be sold to the public only at progressively higher interest rates. Thus, government deficit spending under a gold standard is severely limited. The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit. - Allen Greenspan

Some excerpts ...

“United States builds its position on hegemony over other states and it has been the case since they took advantage of the USSR collapse and established unilateral control over this world up to this day,” the president said, adding that the real motive behind US military interventions into foreign countries is to coerce them to submit to American authority, as in the case with Syria. 

“Today, the United States are waging wars with the only goal to cement its project of total control by launching attack on everyone, who opposes its dominance,” Assad said, noting that Washington “rejects” and “refuses to acknowledge” the nascent balance of powers in the world affairs and the rise of other states. 
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“What is happening in Syria is an attempt to save what is left from the American and western hegemony in the world,” Assad said. 

According to the Syrian president, “the only one thing the Americans have succeeded is creating problems and destroying states, no more than that.” ... 
See full article at RT

 

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