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Originally posted by heelstone
The USA, like the rest of the world, uses a fiat currency system. Money which has no commodity backing. It can be created at wil without having anything to back up its worth. .
Originally posted by ShadowXIX
Originally posted by heelstone
The USA, like the rest of the world, uses a fiat currency system. Money which has no commodity backing. It can be created at wil without having anything to back up its worth. .
I thought the British pound was still backed by silver?
In common with all other world currencies, there is no longer any link to precious metals. The U.S. dollar was the last to leave gold, in 1971. The pound was made fully convertible in 1946 as a condition for receiving a U.S. loan of US$3.75 billion in the aftermath of World War II.