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Gold Stupidity

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KySc5

posted on Sep, 29 2011 @ 10:30 AM
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www.youtube.com...

Hm? I could've sworn that gold, in the world of economics, was the bees knees. And isn't the US dollar supposedly backed by gold??? I'm confused.......

edit on 29-9-2011 by KySc5 because: (no reason given)


SpaDe_

posted on Sep, 29 2011 @ 10:33 AM
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reply to post by KySc5
 


The USD is backed by nothing more than a promise. It has no physical backing like it had when the gold standard was around. There is no promise for physical delivery of any kind with the current fed notes.


KySc5

posted on Sep, 29 2011 @ 10:34 AM
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reply to post by SpaDe_
 


Yeah thanks for the info. I could've sworn my economics teacher told me the USD was backed by how much gold we have.


morder1

posted on Sep, 29 2011 @ 10:36 AM
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It was until aug 15th 1971...

Been off gold standard for just over 40 years now...


camaro68ss

posted on Sep, 29 2011 @ 10:44 AM
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Originally posted by KySc5
reply to post by SpaDe_
 


Yeah thanks for the info. I could've sworn my economics teacher told me the USD was backed by how much gold we have.


your econ teacher is wrong and for being a econ teacher thats a BIG wrong! where do these people get there info....youtube. lol


Rockdisjoint

posted on Sep, 29 2011 @ 11:12 AM
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LOL.

She should work for the Fed.




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