Quote:
Originally Posted by mud flap
I read something recently that said there had been two or three other occasions in the last 100 years where the amount of US cash in circulation had greatly exceeded the amount (in dollars) of gold held in the US. In these cases, eventually the price of gold was driven up so that the value of the gold matched the value of the paper money. ...
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Please provide a citation. It would be interesting to know how that author arrived at the conclusion that gold is the sole asset "backing" paper dollars. It would also be interesting to see the data for paper money in circulation vs. gold on reserve.
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Douglas Campbell, P.E.
1986 Isuzu P'up, 177,673.8 miles.
- Hella headlights (highly recommended)
- DOT C-2 back end (also recommended)
- R-12 air conditioner converted to R-406a. Saved ozone and money
- 4.1:1 final drive converted to 3.4:1. Quieter, better mileage but it's a good thing I live in the flat Midwest.
- 9/22/2007, age 21: Still running well when reluctantly sent away for reincarnation, due to body & frame rust.
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