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[I now see I mispelled "gold" as "good" in my comment, my bad] As far as I know, none of those countries promises to redeem bearers of banknotes with an equiva
by gerikson 7y ago
[I now see I mispelled "gold" as "good" in my comment, my bad]
As far as I know, none of those countries promises to redeem bearers of banknotes with an equivalent value in gold, which is what being on a gold standard means[1].
Plenty of central banks have gold reserves, that's basically a vestige from the past, but that's not the same as saying the currency is backed by gold.
https://en.wikipedia.org/wiki/Gold_standard https://en.wikipedia.org/wiki/Gold_standard