http://www.freedomclubusa.com if you need help answering.
2006-07-13 17:42:00 · 7 answers · asked by Anonymous in Politics & Government ➔ Other - Politics & Government
Sure. Look how much buying power it's lost since 1972, when Nixon took us off the gold standard.
2006-07-13 17:54:12 · answer #1 · answered by arrow 4 · 1⤊ 0⤋
The first answer you received is mostly correct. China does not follow that system and is a major reason why their economy is getting stronger. They dont adjust the value of their currency and sell products cheap to the world. What this means is that they have an abundance of foreign currency and forces other countries to overproduce money therefore devalueing their economies.
2006-07-14 00:49:37 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Yes, I do know that. But it is a powerful, reliable promise. And the money of all nations of the world today is run on this same system.
2006-07-14 00:45:25 · answer #3 · answered by Cameron 4 · 0⤊ 0⤋
Every other currency in the world today is fiat as well.
2006-07-14 00:57:51 · answer #4 · answered by michinoku2001 7 · 0⤊ 0⤋
You are the one that needs help.
America uses legal tender. Legal tender is backed by the gold at Fort Knox, land, stock, and other valuables.
2006-07-14 00:48:03 · answer #5 · answered by Calvin of China, PhD 6 · 0⤊ 0⤋
Um yeah. That would be why we carry around little otherwise worthless pieces of paper, instead of big chunks of gold and silver.
2006-07-14 00:46:23 · answer #6 · answered by JoeSchmoe06 4 · 0⤊ 0⤋
Yes, isn't that amazing? We trust that the dollar bills we recieve will be accepted by the grocery store which in turn trusts us. Don't you like being trusted? I do.
2006-07-14 00:45:30 · answer #7 · answered by oranjeesoccer 3 · 0⤊ 0⤋