3 ms·
1971 puts it a little too close to the present. Individuals haven't been able to convert notes to hard currency since June 5, 1933, when legal tender laws were
by redblacktree 13y ago
1971 puts it a little too close to the present. Individuals haven't been able to convert notes to hard currency since June 5, 1933, when legal tender laws were introduced.
That said, I still agree with the thrust of your argument, that we're in new territory with regard to unbacked paper money.
- dualogy 13y ago> Individuals haven't been able to convert notes to hard currency In the US! Well, the rest of the world had other worries back then anyway, and after WW1 + WW2 most of the world's gold was on US soil thanks to trade flows and custody deals and debts etc etc. Hard to keep a gold standard when all the gold is with one party for all intents and purposes ;)