1971 President Nixon legalized the open buying and selling of gold in the US. He also took the us dollar off of the bi-metallic standard of value.
2006-11-27 12:43:46 · 4 answers · asked by josbo67 1 in Business & Finance ➔ Other - Business & Finance
It would have to be based on something of tangibility. If psychology alone was the value, then we could just print all that we need.
2006-11-27 12:52:00 · update #1
If I have the question correct, your answer is FAITH... That is all the U.S. currency is based on now, there is no gold to back it up....
2006-11-27 12:53:51 · answer #1 · answered by chazzer 5 · 0⤊ 0⤋
I think the idea is to emulate a ' Floating Crap Game.' Logically they're harder to raid for all those hard core gamblers.
2006-11-27 12:45:48 · answer #2 · answered by vanamont7 7 · 0⤊ 1⤋
aliens
2006-11-27 12:45:01 · answer #3 · answered by Anonymous · 0⤊ 1⤋
you and I 'think' it's worth what it is so it is.
2006-11-27 12:45:41 · answer #4 · answered by Anonymous · 1⤊ 0⤋