Sorry but no. The unit of account remains the money (FRNs); bookkeeping merely tracks the flow of that unit of account.
By the way, there is no money in any bank account of any type anywhere within the U.S., they are all credited accounts.
U.S. law and the government's ability to impose its will through the use of force has determined that gold and silver coin are not money, regardless of your sentiments on the subject.Originally Posted by shikamaru
The coinage act of 1792 was made irrelevant immaterial and beside the point by the Coinage Act of 1965.Originally Posted by shikamaru
While the FRN may resemble the USD, the USD is not the basis of the FRN. The FRN is a private issue currency.
** I stand corrected: If FRNs can be Redeemed for Dollars then that would indicate that Dollars are the basis of FRNs. However, silver plays no part in it.
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