“ Since the United States came off the gold standard formally in 1971 – that is to say, after that there was not gold bullion worth one dollar backing every dollar bill.”
Wasn’t Breton-Woods already a fractional system? I don’t think there was ever $1 in gold for every $1 USD…
“ Since the United States came off the gold standard formally in 1971 – that is to say, after that there was not gold bullion worth one dollar backing every dollar bill.”
Wasn’t Breton-Woods already a fractional system? I don’t think there was ever $1 in gold for every $1 USD…