3 ms·
The geeks guide to currencies: Trade, money and value
- tomkinstinch 16y agoFrom TFA: "A bank note is essentially a pointer to some value stored in a vault somewhere." Not for all countries. The US moved away from the Bretton Woods system with the Nixon Shock of 1971. The value of a US dollar is no longer tied directly to gold in reserve.
- pelle 16y agoYou are absolutely right. That will be covered in the next article.