US money isn't backed by any precious metals anymore, right? Most money in the
Quick Takes
1 week ago
Sunday, November 19, 2006
please confirm
this is really stupid. i feel really stupid for asking this. i'm taking macroeconomics, and i was like 99% sure, but someone was arguing with me so confidently, I'm not sure anymore.
US money isn't backed by any precious metals anymore, right? Most money in theworld universe is off any gold or silver or gold-pressed latinum standards, isn't it??
US money isn't backed by any precious metals anymore, right? Most money in the
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4 comments:
You are correct, the US is no longer on the gold standard. President Nixon took the nation off the gold standard in 1971.
Thank you! We actually were arguing whether we were on the silver standard or not, I think related to Wizard of Oz. Were we ever on the silver standard, o knowledgeable wizard?
The US was on a silver standard following the end of the Revolutionary War until the Civil War, at which point it was suspended. There were attempts to bring the silver standard back after that, but none were very successful and in 1900 the US formally adopted the gold standard.
Wow, thanks, mysterious anonymous! You are very helpful!
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