But think about it guys... that still holds true. It was only put in effect so people couldnt get their bonds and get the gold out of FT Knox. The dollar still has to be based on some type of valuable items in our federal reserve. Other wise its only worth the paper its printed on.
In truth, the dollar is backed only by the U.S. promise that we will recognize it as 1 dollar. Our money today is called "FIAT money"http://en.wikipedia.org/wiki/Fiat_money
kool man..thanks... learn something new everyday.....
"the dollar is backed only by the U.S. promise" --- Oh Lord
So the bills are basically Government forms of IOU?
but I am still saying.... anything gold or copper is always gonna be valuable no matter what....
Diamonds are gonna be lost in value if Africa says they are gonna release all the reserve they have into the world. Only way for the diamonds to keep value is if one of the big wig companies buys them all in bulk and limits public release.