Did you know that the Dollar is not backed by gold ? It's worth is assumed by the American public. I want to know for how long this has been happening?
2007-04-11 08:53:54 · 3 answers · asked by K 2 in Business & Finance ➔ Other - Business & Finance
The legislation that ended the gold standard was the Gold Reserve Act of 1934.
A complete discussion of this act is available at the link below:
http://www.answers.com/topic/gold-reserve-act
Did you know that there is no currency anywhere in the world that is still backed by gold (including Switzerland)?
2007-04-11 12:58:10 · answer #1 · answered by F. Frederick Skitty 7 · 0⤊ 0⤋
I am pretty sure it was Franklin Roosevelt that took U.S. off the gold standard...with a suggestion to do so made by Winston Churchill. I agree it is awful to know there is no intrinsic value associated with the dollar.
2007-04-11 08:59:16 · answer #2 · answered by woofan60 3 · 0⤊ 0⤋
not sure but for a while i know
2007-04-11 09:01:40 · answer #3 · answered by Liv 3 · 0⤊ 0⤋