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> The USD has never been 1-1 backed. Still seems to work just fine. Others have mentioned the problems with this statement, but I'd like point out that it's al
by meepmorp 4y ago
> The USD has never been 1-1 backed. Still seems to work just fine.
Others have mentioned the problems with this statement, but I'd like point out that it's also literally untrue. The coinage act of 1792 created the US dollar:
> Dollars or Units - each to be of the value of a Spanish milled dollar as the same is now current, and to contain three hundred and seventy-one grains and four sixteenth parts of a grain of pure, or four hundred and sixteen grains of standard silver.