In 1944, with the Bretton Woods agreements, was established a new world and a new value of the coins in relation to each other.
Basically was decided that all the coins were convertible in dollar, to a fixed rate, and only the dollar could be converted into gold, and only by the States.
With the prohibition of conversion, the citizens had lost the opportunity to hold wealth through gold ingots. This was the beginning of the end of capitalism and of the economic crisis as we are facing today.

The share of conversion, for example how many Pesetas or Pounds needed to buy a dollar, was issued by the States, but in fact imposed by the International Monetary Fund established in the agreement.
The World Bank, also established with the Bretton Woods agreements, had the precise purpose of regulate the exchange rate buying and selling currency.
In other words 1944 have been created two instruments for the complete political control of all states members of the world because the impossibility from a single State to agree or comply to the requests from the two world financial institutions would have certainly lead to the financial strangulation of the State itself.
We must underline that USA since the beginning have controlled the two world financial institutions with their men and money.
Then the world was divided into two blocs, and these rules were applicable only to the Western bloc and to the members in South America, Africa and Asia that were not politically controlled by any of the two sides.

Born in this way, the economy of the debt transferred gradually the power from the States (also from the legitimate democratic vote) to banks and financial institutions that no one have elected or voted.
In theory are always the States to hold the right and the power to issue banknotes. All banknotes, including euro, are issued only by the central banks of the euro zone States, in proportion to the reserves held by the same banks.
This is the main point, the world ‘’proportion’’ is the whole point. In reality, the reserves held by banks are minimum and risible fraction of the banknotes circulating.
Few decades ago and for all last century the banknotes circulating was just a 5 times more the gold banks reserves.
The money circulating in Italy today is about a 26 time more of the total Italian bank deposits. For sure Italy is not the worst scenario as traditionally Italian families have a strong solid economic habit and background of saving buying houses and properties and not playing with financial instruments.

No guys, regretfully is not all, beside the banknotes if we consider also all the financial instruments moving we discover that the total banknotes issued by the central banks of the States are less the hundredth.
In fact, all the money necessary for the functioning of the economy is issued by banks in form of loans, in this way it generates debt for people, businesses and also states.
In the same way and with the same operation on the opposite side it generates credits for the banking system.

All this has been made more simple and clear after 15 August, 1971.

This is a date, that no one recalls in particular, if not for the heat that usually makes mid August, but instead 15 august, 1971 marks a epical change into the financial economy.
I was not even born, as I come up in this world on 5 October 1971, but that day, the United States, pressed for a few months from the requests for conversion coming from several European States, pressed by the need to pay in gold the Arabic oil, they decided unilaterally to repeal the Bretton Woods agreements regarding the possibility to convert dollars in 18k.

The member of the world, at that time, had huge reserves not anymore in gold but in dollars, so they had no choice but to accept the illusion to have in their coffers what was believed to have instead of waste paper.
The decision was supported by all the central banks of the Western countries, and that the link with the IMF and the World Bank, in fact became inseparable.

Since only the IMF was able to support the course of a currency without the need and the trouble of a richness tangible as gold or silver; and since it was not possible for States members to create other currencies in form of banknotes, (worth devastating inflation as which followed in the 1970) the system that was actually adopted to adapt the money supply to the level of trade was to create debt.
Back at that time started the dizzying growth of the public debt of all the western states of the world, and the corresponding increase in tax required to find the amounts intended to pay the interest on that debt.

The money now dominates every aspect of society, never as in our time the guarantee of survival of a man is only by money.
Until a few tens of years ago, in the western world the majority of the population was able to survive without money, since a peasant family could always take care of a small piece of land and livestock and grow something.
Sure was not easy and there was tons of difficulties and problems but they were allowed to take care themselves. And they did, especially in Italy where many were peasants since generations; Mother Nature was there for that!
The money, also if available, was used only in special occasion for special needs.

The new economy based on debts and not on real richness, has given a lot of power to economical institution and financial institution without any system of democratic political control.