The debate "US dollars created after the Gold Standard was abolished are backed by nothing and is an illusion" was started by
September 28, 2016, 12:51 pm.
5 people are on the agree side of this discussion, while 5 people are on the disagree side.
There is a tie in this debate, post your arguments, call some reinforcements and break this tie.
TheExistentialist posted 1 argument to the disagreers part.
TheDebator9000, jack_tim_45, Hijumi, tony and 1 visitor agree.
Nemiroff, TheExistentialist and 3 visitors disagree.
While the US currency is no longer backed by Gold, it is backed by "the full faith and credit of the US government". This means, it is backed by the goods and services of the US economy. Meaning the dollar is worth exactly that which it can buy. So it is backed by the GDP and of course by taxes. Taxes/coercion even dictated the value of our currency when we had the Gold standard. It's not like this is anything new, when they removed the Gold, they simply removed the middle man.
and what exactly do you think gave gold it's value?
we were one of the last nations on the gold standard, which was being used against us by other nations to buy our gold with unbacked money