Why is usa currency not redeamable for gold bullion anymore?

Question

during the depression the USA gov. ordered that all gold bullion be turned in and you would be reinbersed with a certificate of equal value and that gold bullion was no longer to be used as currency and would no longer be accepted as such, it was written on the usa dollar "redeamable in gold bullion" it no longer says that so my question is why? and when was this passed by congress court or any offical authority that it could be removed? now that it is no longer redeamable is it really even worth what it's printed on? where does the value of the USA dollar come from? and looking back on history textbooks of the depression the exact same things are happenning now, schools are closing down, 60% of the USA population is currently in debt, this year was the first since the depression to have a negative savings number, there are cutbacks on all gov facilities such as police stations, suicide is at an all time high, 80% of the population suffers from some sort of mental illness and so on....

Answer 1

The reason why the Government has abolish the gold bullion is so that the Government can print more money without the need to back it up with Gold.

What I meant by that is that, when the Government wants to print money in the past, it needs to buy Gold so it can be backed by it.  This cause alot of trouble and lots of storage is needed.  So the US governent decided to abolish it in 1971 and have their money to be "fiat".  That is why whenever the Government is short of money to pay (from Bonds and such), they can just print lots of money as much as they want.

Frankly speaking, I am not sure if they can remove it.  Even if they can, imagine how much Gold do they need to buy to back their currency!

And for the rest of the issues about debts and such, we can't blame it on the Gold Bullion but more on the Government and the Individuals.  For an example, people whom gotten themselves into debts is because they have no Financial Intelligence.  They do not know anything about investments or retirement planning.  And for the suicide rates, cutbacks of public services, etc. the Government can be blamed for their poor management.  So I not sure if you can start blaming Bush for this because there are many issues than just the Government.  Take the Oil crisis for an example - OPEC refuses to supply more (if not, little) and there are too much demand for it.  This, in a way, cause the US currency to lose its value.

Frankly speaking, your question is a very good one and to answer it, a long explantion is needed.

Learm more on Economics and books on finance, and most of the questions you asked will be answered.

Added:

Yeah, I agree with you on the additional details, too.  I guess that is the flaw of free-speech and democracy?  I don't know.  But we can hope that the government or someone whom has the higher authority will settle this.