Is the definition of a "##Question_Title##quot; so-many ounces of gold - meaning the "dollar" I owe is actually many federal reser?

Question

...many many "federal reserve" "dollars"?

Answer 1

the dollar was removed from the gold standard a long long time ago..

the dollar is worth nothing other than the verbal promise of our govt that it's a dollar.

the govt can print up as many new dollars as they want to make your dollar worth less (free money)

currently tho the us govt has given up it's sole right to produce currency to private bankers.. who print money.. and loan it to the fed govt at a huge profit.  again they can make as much money as they want. which will devalue or boost the value of your money.. all depends how much is out there...

but there is  no gold.. or other physical asset that ensures the value of a dollar.

Answer 2

We WISH

ha!

the "Gold Standard" was abandoned when Nixon was president, now the dollar is allowed to "float" and it is worth what people "think" it is worth. No more no less.

If we were to go back to the Gold Standard today a Dollar would be worth about 2 cents.

Answer 3

The US dollar is not backed by gold.  We went off the gold standard many years ago. The dollar is valuable only because the government says it is.