Why aren't US dollars backed in gold any more? by cryptoandcoffee

musing-threads · @cryptoandcoffee · Sep 22 '18

$1.06

Why aren't US dollars backed in gold any more?

<p>In 1971 the US discontinued the gold standard. Previously the currency was backed by gold as a value. The US Dollar was devalued at the time and the monetary system changed to as we know it today.</p>

👍 musing

`author`	cryptoandcoffee
`permlink`	fkwgll6b5
`category`	musing-threads
`json_metadata`	"{"app":"Musing","appTags":["question","finance","money","life"],"appCategory":"question","appBody":"<p>In 1971 the US discontinued the gold standard. Previously the currency was backed by gold as a value. The US Dollar was devalued at the time and the monetary system changed to as we know it today.</p>","appDepth":2,"appParentPermlink":"pket4mrm5","appParentAuthor":"runicar","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}"
`created`	2018-09-22 16:29:48
`last_update`	2018-09-22 16:29:48
`depth`	2
`children`	0
`last_payout`	2018-09-29 16:29:48
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.793 HBD
`curator_payout_value`	0.264 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	203
`author_reputation`	3,711,560,492,981,602
`root_title`	"Musing Posts"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	71,963,018
`net_rshares`	778,789,325,691
`author_curate_reward`	""

properties (23)vote details (1)

voter	weight	wgt%	rshares	pct	time
musing	0 B		778,789,325,691	5%