Posted by LAA on January 09, 2009 at 09:12:13 from (212.93.220.66):
In Reply to: OT/Gold posted by Tractor,Tractor on January 09, 2009 at 08:06:58:
The short answer is all the Gold ever mined in the recorded history of mankind is not enough to back up all the printed US dollars in present circulation, not even at $1000.00 per ounce. US currency, and all other major or ''hard '' currencies of the modern world are called ''Fiat'' currency because they are issued by Fiat from the issuing country. The phrase ''Backed by the full faith and credit of the United States Goverment'' is the modern gold standard. The way I look at it, if the US Goverment ever gets turned down for credit, I might as well get ready to scratch SH%% with the chickens.
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