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Politics : Just the Facts, Ma'am: A Compendium of Liberal Fiction
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To: Solon who wrote (48948)6/18/2006 2:02:24 PM
From: Jim S  Read Replies (2) of 90947
 
I'm not aware of any country that uses "hard" money. Currencies are valued in respect to a basket of other currencies. For one thing, there isn't enough precious metal to fund any major economy, so backing a currency with a hard asset really isn't possible.

FWIW, your 371.25 grains of silver is about .8486 ounces, worth roughly $8.57 at the Friday spot price.

So long as a fiat currency is accepted for inter- and intra- national trade, it has value. The backing is really immaterial.
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