The value of the U.S. dollar is backed by gold, fyi
Lol , Go try it .
A dollar bill used to say redeemable in gold , now it says only legal tender .
Nixon closed the gold $$$ exchange when he took the ability for foreign countries to swithch $$$ for gold away in the seventies.
Up to then countries could still trade $$ for gold officially ( not citizens) , but when european countries saw the US was printing a lot of currency and they wanted their golds worth Nixon closed the exchange ( temporarily he added)
Ps This 50 year old fiat system has now accumulated so much debt that its time has come .
In 2000 they could save the Stockmarket by lowering rates , same as they did in 2008 .
Now were in a superbubble with rates at 0 , when this one brakes it can not be saved by lowering rates .
In my view no other option then printing more $$$ (inflation)
It will be interesting to see what BC does