Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: Ilaine who wrote (11269)	11/26/2001 3:27:56 PM
From: Don Lloyd	Read Replies (1) of 74559

CB - ...In 1933, for reasons we have discussed before, the United States went off the gold standard, and US greenbacks have been backed by the full faith and credit of the US government ever since.... What positive benefits, if any, can be assigned to this 'backing'? I guess that the government would agree to exchange a torn and dirty $10 bill for a new, crisp one, or maybe even make change for it. -g- I suspect that the government still makes it illegal to enforce contracts that specify repayment in gold, but would allow you rent a lawyer at market rates to enforce your ability to repay a dollar denominated debt in dollars, no matter how much the purchasing power of the dollar had depreciated. Regards, Don

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