Re: Electronic cash illegal? (fwd)

[chen@intuit.com (Mark Chen)]

> Re-read what was originally written carefully -- it claims neither
> that the dollar is backed nor that paper dollars are exchangable for
> silver.
> 
> .pm

I interpreted ". . . the legal definition of a 'dollar' in the US is
still a certain weight of silver" to imply both.  Apologies if I
misconstrued.

> > Mark Chen says:
> > 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 



--
Mark Chen 
chen@intuit.com
415/329-6913
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