[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

Re: Electronic cash illegal?

To: [email protected] ([email protected] +1-510-484-6204)
Subject: Re: Electronic cash illegal?
From: Derek Atkins <[email protected]>
Date: Wed, 18 Jan 1995 22:36:21 EST
Cc: [email protected], [email protected]
In-Reply-To: Your message of "Wed, 18 Jan 1995 21:23:06 EST." <[email protected]>
Sender: [email protected]

> 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.

The US dollar is backed by trust alone, today.

-derek

Follow-Ups:
- Re: Electronic cash illegal?
  - From: Thomas Grant Edwards <[email protected]>

References:
- Re: Electronic cash illegal?
  - From: [email protected] ([email protected] +1-510-484-6204)

Prev by Date: Re: Key backup (was: How do I know . ..)
Next by Date: Re: (none)
Prev by thread: Re: Electronic cash illegal?
Next by thread: Re: Electronic cash illegal?
Index(es):
- Date
- Thread