Exactly. The American dollar is backed ONLY by the good faith of the U.S. government. It is not backed by gold at any Federal Reserve Bank as it used to be unti

Exactly. The American dollar is backed ONLY by the good faith of the U.S. government. It is not backed by gold at any Federal Reserve Bank as it used to be until 1933. After 1933 privately held gold was confiscated and it's price in dollars revealed upwards.