How much actual gold backs every US dollar?

Question

How much actual gold backs every US dollar?

Answer 1

i think it is zero there is no gold backed by it ,just trust

so if say russia and china invade and take over dollar would be worthless

i heard something like that.,/,./

Answer 2

None, as you well know, they are credit notes, the Chinese back the dollar w. hard work, the Europeans w. petro dollars.  Good thing Saddam's plan to start selling oil in Euros was quashed aye..

Answer 3

READ THIS ARTICLE (World Net Daily), you might find your answer....

"The entire concept of paper currency was born when people tired of toting around things of actual value – heavy, clumsy bars of gold or silver, for example – in favor of a convenient "receipt....

.....It's estimated that, at best, there's a mere 1 percent of gold backing the trillions of dollars here and abroad. In days past, this really wasn't much of an issue. The United States was the recognized economic powerhouse in the world, and the dollar was the unquestioned symbol of this power, honored in virtually every corner of the planet.

But, sadly, our nation's prestige has withered over recent years. Like many of the third world countries we continue to bail out, America is now a debtor nation. And not by some modest technical definition. Debt now constitutes a whopping 60 percent of our Gross Domestic Product, or some $5 trillion dollars. It's nearly enough to qualify America for a credit rating downgrade, as has happened to the formerly strong economies of Japan and Brazil. And there are beginning to be serious consequences."

.....

By Kevin DeMeritt

© 2008 WorldNetDaily.com

Hope answer your question.

Silkworm

Answer 4

None, oil values the dollar and we are indebt trillions to China

Answer 5

We've been off the gold standard for a while...

Answer 6

It doesn't and hasn't for years.  We went off the gold standard in 1971.

Answer 7

Gold has not backed the US dollar since the 1930s and not backed by silver since the 1960s.

The Breton Woods Accords, which took effect in 1959, tagged the price of gold to 35 US dollars and was abandonned by Richard Nixon in 1971.  This move allowed him to increase the rate of inflation in US currency rather than raise taxes to pay for the war in Viet Nam.