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Most bank notes aren't "backed by anything". Reserve requirements are now zero for banks. Source: https://www.federalreserve.gov/monetarypolicy/reservereq.htm
by staplers 5y ago
Most bank notes aren't "backed by anything". Reserve requirements are now zero for banks.
Source: https://www.federalreserve.gov/monetarypolicy/reservereq.htm https://www.federalreserve.gov/monetarypolicy/reservereq.htm
- killingtime74 5y agoGovernment is something. They can tax and print money.
- acheron 5y agoYou have to pay the taxman on April 15. He’s going to want US dollars. If you don’t pay up, the men with guns come. That’s “backing” more real than shiny yellow metal.
- staplers 5y agoSo one could say the US dollar is backed by violence? Also, you didn't address reserve requirements.