Originally Posted By: dave1251
Then the "fiat" currency is not worthless you demand payment in full with gold in exchange for "fiat" currency.
You didn't get the sarcasm I figure?
Point is you CANNOT go into a official institution (bank) and
demand gold in exchange for your paper money. Have you tried it?
LOL That is fiat currency. The modern "Federal Reserve note is counting on the fact that the sheep will never question this
in great numbers.
Now until the 50s you could because they had gold certificates and even until the 60s you could with silver certificates...they looked like US Treasury currency but it was written right on the bill that you could go to any bank and immediately demand
physical precious metal for your paper certificate.
Then the "fiat" currency is not worthless you demand payment in full with gold in exchange for "fiat" currency.
You didn't get the sarcasm I figure?
Point is you CANNOT go into a official institution (bank) and
demand gold in exchange for your paper money. Have you tried it?
LOL That is fiat currency. The modern "Federal Reserve note is counting on the fact that the sheep will never question this
in great numbers.
Now until the 50s you could because they had gold certificates and even until the 60s you could with silver certificates...they looked like US Treasury currency but it was written right on the bill that you could go to any bank and immediately demand
physical precious metal for your paper certificate.
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