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From 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 sys
by tomkinstinch 16y ago
From 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.