Following centuries where a nation's monetary unit was denominated in a fixed weight of gold or silver for purposes of transparency in settling domestic and world trade imbalances, an act of monetary imperialism was committed by the U.S. Congress in 1971 when it rubber-stamped President Nixon's order to sever the fixed weight of gold from the U.S. dollar that was decided on by the 7 industrial nations at the 1944 Bretton Woods Agreement to be the world's reserve gold currency for settling international trade imbalances.
Freed from the clauses of the U.S. Constitution that forbid this, and with no moral concerns about its effects on humanity in the market place, or the rate of private bank lending of excessive amounts of this unnatural, private bank-created, near money U.S. dollar substitute to businesses would have on the environment, war, welfare reforms and faith-based religious charity started by President Bush and continued by President Obama (a theocracy?), the rapid rise of CO2 in our planet's atmosphere happened and should be of concern to all humanity. Funded by years of U.S. federal government budget deficits that have not been retired from circulation by taxation ($1 trillion worth during Reagan's presidency alone), remain in circulation today funding America's unsustainable economic growth spree. The Federal Reserve System (created by Congress in 1913), with its member banks (some of which are now 'too big to fail'), and their use of fractional reserve lending practices that are inflationary, continues to sell the U.S. Treasury bonds it prints at its FOMC auctions, in effect creating more money out of thin air, requiring Congress to periodically increase the National Debt Ceiling now at $14 trillion, to maintain this social and economic injustice.
One measure of the planetary damage caused by this Federal Reserve funding for unlimited economic growth is the current 391ppm of carbon dioxide in the planet's atmosphere. Mayor Don Ness and Jack Nelson-Pallmeyer delivered moving speeches to us on October 24, 2009 celebrating the launch of Bill Mckibben's www.350.org global climate action campaign.
Bill McKibben delivered a moving speech on March 9, 2010 at the College of St. Scholastica in support of his cause. Pope Benedict XVI has a book entitled, Ten Commandments for the Environment where he speaks out for Creation and Justice.