Originally Posted by
David Merrill
P.S. In other words, What good is backing the FRN with gold (
US notes too) if you cannot access the gold to redeem it?
That is a very good question.
The Reserve Bank of India bought 200 metric tonnes of gold from the International Monetary Fund, or the IMF, in September of 2009. The move was a bid to increase the Washington-based financial institution’s capacity to lend to poor nations. http://sandymccollum.hubpages.com/hu...ichest-Country
Because gold is dispersed widely throughout the geologic world, its discovery occurred to many different groups in many different locales. And nearly everyone who found it was impressed with it, and so was the developing culture in which they lived. http://www.onlygold.com/TutorialPages/HistoryFS.htm
National Mining Association 101 Constitution Avenue, NW, Suite 500 East Washington, DC 20001. http://www.nma.org/pdf/gold/gold_history.pdf
At the time gold was discovered, California was part of the Mexican territory of Alta California, which was ceded to the U.S. after the end of the Mexican-American War with the signing of the Treaty of Guadalupe Hidalgo on February 2, 1848, less than two weeks after the discovery. http://en.wikipedia.org/wiki/California_Gold_Rush
The history of the United States dollar refers to more than 200 years since Continental Congress of the United States authorized the issuance of the US dollar on August 8, 1786. The term 'dollar' had already been in common usage since the colonial period when it referred to eight-real coin (Spanish dollar) used by the Spanish throughout New Spain. Although several monetary systems were proposed for the early republic, the dollar was approved by Congress to be released in a variety of denominated coins and currency bills. http://en.wikipedia.org/wiki/History..._States_dollar
This is all so true
It takes a lot of this to buy even an ounce of gold.
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