SAY WHY ...IF YOU BELIEVE IT....OR IS IT ANOTHER WAY OF SAYING....THIS IS ALL YOU CAN HAVE FOLKS....WE PRINT THE REST AND GIVE IT OUT TO SPECIAL FOLK.
2006-08-28 13:42:54 · 11 answers · asked by flowerspirit2000 6 in Politics & Government ➔ Government
The dollar is not based on gold reserves, it is based on creditors' faith in the US economy. This is why deficit spending is so dangerous. Every dollar that we are in debt is in a bond in some other country. China now holds most of our debt, therefore, they have control over our economy.
How's that for national security?
2006-08-28 13:50:45 · answer #1 · answered by normobrian 6 · 0⤊ 0⤋
Not true, we was at one time but Nixon fixed all of that, he allowed the dollar to float and now it is a federal reserve note, not backed by anything except its worth against other currency.
2006-08-28 20:49:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
We no longer follow the Gold standard.Currency in circulation is NOT equal to Gold in Federal reserves.
2006-08-28 21:55:02 · answer #3 · answered by rhinogirl 4 · 1⤊ 0⤋
Actually the last year that paper currency was directly redeemable for gold was 1913. See the following link for a brief history of US paper currency
http://www.usagold.com/gildedopinion/buckler2.html
2006-08-28 20:57:31 · answer #4 · answered by Carl M. 4 · 2⤊ 0⤋
No, the US quit that back in the 50's. The dollar value is based on the ability of the Federal Government to tax you. No lie...
2006-08-28 20:47:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
No it is not, hasn't been for many years. Paper money is a "Federal Reserve Note", a 'note' is a loan, IE: there is not enough money in the reserve to cover the note.
2006-08-28 20:57:13 · answer #6 · answered by True Blue 4 · 1⤊ 0⤋
Are you kidding? That hasn't happened in so long that it's not funny..
Next you'll be expecting a balanced budget... Not in the lifetimes of anybody on this planet..
2006-08-28 20:49:39 · answer #7 · answered by chuckufarley2a 6 · 0⤊ 0⤋
we were takien off the gold standard in nixons era+ does that answer your question?
2006-08-28 20:46:49 · answer #8 · answered by Anonymous · 0⤊ 0⤋
nope...tricky dick took us off the gold standard.
2006-08-28 20:50:49 · answer #9 · answered by norwood 6 · 0⤊ 0⤋
this was true up until about 30+ years ago....now it's all funny-money...IOU's...
2006-08-28 20:50:24 · answer #10 · answered by just me 3 · 0⤊ 0⤋