Sponsor Message:
Non Aviation Forum
My Starred Topics | Profile | New Topic | Forum Index | Help | Search 
What Do We Back Our Money With?  
User currently offlineVenezuela747 From United States of America, joined Jan 2004, 1451 posts, RR: 4
Posted (10 years 2 months 4 hours ago) and read 2360 times:

We got into a discussion in my class today when my professor said gold was the standard when trading and in the stock market as well as backing our money with gold...but didn't we get rid of that during Nixon sometime in the late 60's, wasn't it the Bretton Wood Act??

[Edited 2006-03-29 18:14:47]

3 replies: All unread, jump to last
User currently offlineUSAir1489 From United States of America, joined Oct 2000, 374 posts, RR: 0
Reply 1, posted (10 years 2 months 3 hours ago) and read 2339 times:

Back in the 1950s (I think thats when it ended) we were backing our money with silver. If you ever got your hands on a older $1 bill from the 1950s and (maybe) 1960s, it will say "Silver Certificate" and "in silver payable to the bearer on demand."


Zinger Aviation Delta Oscar Tango Charlie Oscar Mike
User currently offlineDL021 From United States of America, joined May 2004, 11454 posts, RR: 72
Reply 2, posted (10 years 2 months ago) and read 2329 times:
Support Airliners.net - become a First Class Member!

Full faith and credit of the United States government (therefore the people).

Is my Pan Am ticket to the moon still good?
User currently offlineEWWForEver From United States of America, joined Jan 2006, 44 posts, RR: 0
Reply 3, posted (10 years 1 month 4 weeks 1 day 22 hours ago) and read 2318 times:

Actually I belive the correct term for the money is Fiat Money. Definition below from internet search of the term.

In economics, fiat currency or fiat money is money whose purchasing power derives from a declaratory fiat of the government issuing it. It is often associated with paper money unbacked by fixed assets, issued without the promise of redemption in some other form, and accepted by tradition or social convention. Fiat money is called fiduciary money in many languages.

The widespread acceptance of a fiat currency is enhanced by a central authority mandating its acceptance under penalty of law and demanding it in payment of taxes or tribute. Fiat money can be contrasted with alternative forms of currency such as commodity money and private currency.

Most currencies in the world have been fiat money since the end of the international gold standard of the Bretton Woods system in 1971. However, some of the major currencies today, despite being based essentially on arbitrary decree, have become so trusted that they are termed hard currency.

Hurry...Before the parade passes by !
Top Of Page
Forum Index

This topic is archived and can not be replied to any more.

Printer friendly format

Similar topics:More similar topics...
Why Do We All Have Problems With Woman? posted Fri May 19 2006 12:04:36 by Joffie
What Do Bring Back From Prague? posted Mon Dec 5 2005 14:41:39 by UTA_flyinghigh
US Vs. Canada- What Do We Know? posted Fri May 28 2004 17:31:02 by Iflyatldl
A.net Pictures, What Do We Use Them For? posted Tue Oct 7 2003 20:58:20 by Cancidas
What Do We Do About The Zealots? posted Fri Mar 14 2003 17:08:56 by Matt D
What Do We Do About North Korea? posted Thu Dec 26 2002 22:50:33 by Go Canada!
Why Do We Call Our Numerals 'Arabic' Numbers? posted Mon May 13 2002 16:39:22 by Ryanb741
Beer And Food Paring: What Do You Like With What? posted Tue Feb 7 2006 05:15:07 by LHMARK
How Do We Learn From Our Mistakes? posted Fri Jan 27 2006 06:28:06 by Tbar220
What Do You Carry With You All The Time? posted Fri Dec 16 2005 18:38:07 by BristolFlyer