Part 5/16:
Keynes and other Fabian socialists envisioned a world where a centralized world bank would issue a new fiat currency—an abstract unit backed by nothing tangible—called Special Drawing Rights (SDRs). These SDRs replaced gold-backed currencies and served as a bookkeeping tool, creating an illusion of value. Over time, the dollar became the dominant international currency, initially backed by gold at $35 per ounce, reinforcing US economic supremacy. The strategy was to gradually erode this gold backing, culminating in Nixon's 1971 decision to sever the dollar's tie to gold altogether, thereby transitioning to a purely fiat system.