The Fed is audited Regularly What is all this Audit the Fed Non sense?

[The Ruiner]

So what standard were we on in 1970?

The Gold Exchange...

 

[NoDrama]

The Gold Exchange...

OK, I will give you that, but I guess the question was somewhat vague.

What was the US Currency BACKED by in 1970?

 

[massah]

OK, I will give you that, but I guess the question was somewhat vague.

What was the US Currency BACKED by in 1970?

Hippies and Led Zeppelin

 

[The Ruiner]

Well, it was backed by the Dollar - which was already the worlds' reserve currency, and thus rendered indispensible.

Just like today.

 

[NoDrama]

Well, it was backed by the Dollar - which was already the worlds' reserve currency, and thus rendered indispensible.

Just like today.

So when i asked what the US Currency ( which is the US Dollar btw) was backed by in 1970, you said it was backed by itself? You would be wrong, want to try again?

 

[The Ruiner]

So when i asked what the US Currency ( which is the US Dollar btw) was backed by in 1970, you said it was backed by itself? You would be wrong, want to try again?

Oh enlighten me great teacher...

 

[The Ruiner]

Debt?
ohh ohh ohh is it debt?

 

[massah]

Debt?
ohh ohh ohh is it debt?

nope...that's what it is now

 

[The Ruiner]

Then what was it backed by?

Same question, no answer.

 

[NoDrama]

Silver. The Gold Standard ended in 1933.

 

[The Ruiner]

And the silver standard ended on June 24, 1968.

 

[NoDrama]

And the silver standard ended on June 24, 1968.

No, actually June 24, 1968 was the last day for redemption of silver certificates in silver bullion. It all ended with Nixon in '71.

 

[dukeanthony]

No, actually June 24, 1968 was the last day for redemption of silver certificates in silver bullion. It all ended with Nixon in '71.

So then in 1971 was the last of the Gold backed Currency
Thanks

 

[NoDrama]

So then in 1971 was the last of the Gold backed Currency
Thanks

As long as you are under the belief that silver and gold are the same thing, then yes, you are correct.

 

[MuyLocoNC]

I've got an entire safe full of "gold" coins (about 62 lbs worth) I'd like to sell you Duke. I'll sell them to you at half of their spot price if you buy them all.

They are all in mint condition as evidenced by their unblemished silver hue.

 

[dukeanthony]

I like Currency
less chances of getting shot for it

 

[The Ruiner]

The silver standard was officially ended in 1964, but redeemed until 1968. The gold exchange standard ended in 1971.

You are confusing the issue, as usual.

 

[NoDrama]

The silver standard was officially ended in 1964, but redeemed until 1968. The gold exchange standard ended in 1971.

You are confusing the issue, as usual.

So, if we were on a gold standard in 1970, could you take your 10 ounce gold coin to the treasury and trade it in for cash?

 

[massah]

So, if we were on a gold standard in 1970, could you take your 10 ounce gold coin to the treasury and trade it in for cash?

I know you could definitely take it to some hippies in the park and get a REALLY fat sac in 1970

 

[NoDrama]

If you had taken it to the treasury you would have been arrested and thrown in prison.