The dollar as many of us know, is not backed by gold and silver as it once was.
I have been saying that, based only on a gut feeling! What are the actual facts to back this point up though? I'm very curious to know, because I can never win a discussion with just a gut feeling...
Nixon took us off the gold standard and created the petro-dollar in the 70's
Aah I see, thanks :-)
There are numerous places that provide proof. First google gold and silver certificates. Those were the US dollars that used to be backed by metals. You could walk into a bank and demand the face value of your bill in gold or silver, based on what type of bill you had. In 1971, Nixon took the US off the gold standard by not allowing US dollars to be swapped for gold. However if you go back and read the US monetary history, they had been slowly taking us off since basically, the inception of the federal reserve in 1913. It took a good while but now we work for paper and digits and trade hours of our life for nothing more than stuff they can create out of thin air.
See, this is what I feel money is in our modern times. Sure, it was once created, because trading gold and silver was probably just too much of a hassle, but money being backed by gold and silver sounds weird to me in our modern times. I can't just go to my bank and say "Hi guys! I'd like to take out all of my saving, but not in paper, give me gold please". I basically don't know anything about monetary systems, but money being backed by gold/silver in our modern times just doesn't sound like it can be accurate. To me, the only thing that sounds logical now is that money's value comes from the value our society puts on it.
Go to youtube and look up "hidden secrets of money" by Mike Maloney. His video explains (way better than i can😉) how this fiat monetary system is and how it used to be. Last thing i will add is that anything that a population finds value in, can be currency. And pretty much nothing would be money if the human race had anything and everything it needed or wanted without having to trade or exchange for it.
Thanks, I'll have a look!
Yeah, that sounds about right. Though thinking about human nature, I don't think it would even be possible to have anything and everything we needed or wanted, without finding something new to then want.
Agreed. Just one of those "perfect world" thoughts.