Electronic cash illegal? (fwd)
Mark Chen
chen at intuit.com
Fri Jan 20 11:32:04 PST 1995
Derek writes:
> > As far as I know, the legal definition of a "dollar" in the US is still a
> > certain weight of silver, and payment in silver legally satisfies debts;
> > under current silver prices, that probably costs more than a
> > $1 US Federal Reserve Note, so nobody bothers.
>
> Uhh, no, US currency does not have any backing. I believe it was
> Nixon who stopped it, possibly even earlier than him. There _used_ to
> be Gold- and Silver-backed dollars, but no longer.
Correct. Nixon dismantled the Breton Woods system in (I think) '71.
--
Mark Chen
chen at intuit.com
415/329-6913
finger for PGP public key
D4 99 54 2A 98 B1 48 0C CF 95 A5 B0 6E E0 1E 1D
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