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Are you implying that the USD is backed by an asset? Because AFAIK, it's not (at least not anymore).
by Wingman4l7 13y ago
Are you implying that the USD is backed by an asset? Because AFAIK, it's not (at least not anymore).
- cdash 13y agoI am pretty sure he is saying no currency is backed by an asset so if you had to choose a currency not backed by anything you would choose USD.
- killerpopiller 13y agoplease correct me, but I thought $ receives it's backing through the oil market. If one purchases oil, one needs to pay in $.
- Wingman4l7 13y agoIf one purchases almost anything one needs to pay in $. I was speaking in terms of fiat money which is not backed by precious metals anymore.