Comment Comment by pastProlog > The entire concept of fiat currency is abstractionThen why does the US still maintain over 8000 tons of gold at Fort Knox and elsewhere, 45 years after closing the gold window?Of course even before 1971 paper currency was an abstraction as well - it was a piece of paper to get a commodity, not the commodity itself. parent pastProlog 10 years ago
Then why does the US still maintain over 8000 tons of gold at Fort Knox and elsewhere, 45 years after closing the gold window?
Of course even before 1971 paper currency was an abstraction as well - it was a piece of paper to get a commodity, not the commodity itself.