The Ruiner
Well-Known Member
The Gold Exchange...
The Fed is audited Regularly What is all this Audit the Fed Non sense?
- Thread starter dukeanthony
- Start date
OK, I will give you that, but I guess the question was somewhat vague.
What was the US Currency BACKED by in 1970?
massah
Well-Known Member
Hippies and Led Zeppelin
The Ruiner
Well-Known Member
Well, it was backed by the Dollar - which was already the worlds' reserve currency, and thus rendered indispensible.
Just like today.
Just like today.
So when i asked what the US Currency ( which is the US Dollar btw) was backed by in 1970, you said it was backed by itself? You would be wrong, want to try again?
The Ruiner
Well-Known Member
Oh enlighten me great teacher...
The Ruiner
Well-Known Member
Debt?
ohh ohh ohh is it debt?
ohh ohh ohh is it debt?
massah
Well-Known Member
nope...that's what it is now
The Ruiner
Well-Known Member
Then what was it backed by?
Same question, no answer.
Same question, no answer.
The Ruiner
Well-Known Member
And the silver standard ended on June 24, 1968.
No, actually June 24, 1968 was the last day for redemption of silver certificates in silver bullion. It all ended with Nixon in '71.
dukeanthony
New Member
So then in 1971 was the last of the Gold backed Currency
Thanks
As long as you are under the belief that silver and gold are the same thing, then yes, you are correct.
dukeanthony
New Member
I like Currency
less chances of getting shot for it
less chances of getting shot for it
The Ruiner
Well-Known Member
The silver standard was officially ended in 1964, but redeemed until 1968. The gold exchange standard ended in 1971.
You are confusing the issue, as usual.
You are confusing the issue, as usual.
So, if we were on a gold standard in 1970, could you take your 10 ounce gold coin to the treasury and trade it in for cash?
massah
Well-Known Member
I know you could definitely take it to some hippies in the park and get a REALLY fat sac in 1970