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Heresy Financial
Dec 27, 2022
A recent poll asked 1000 Americans what they thought the United States dollar was backed by. The shocking part about this was that 29% of those surveyed said that they thought the US dollar was still backed by gold.
Now, I am sure this will not come as any shock to you, but obviously the US dollar is not backed by anything other than the fact that if you do not collect enough of them throughout the year to give back to the US government (who created them in the first place), they’ll just send you to prison for something called “not paying your taxes.
Now, for a long time, people did not care that the United States dollar was not backed by anything because if it was managed well, then the purchasing power was stable. So, individuals and countries around the world were happy to use U.S. dollars for international trade and to borrow and lend in US dollars.
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