> If you say the Federal Reserve Notes are guaranteed show me where this guarantee is written and what is it guaranteed with?
The last time I looked, every greenback was printed with the statement "This note is legal tender for all debts public and private".
What you fail to understand is that if a country's currency is based on precious metals, that country's economy is inherently limited to the amount of precious metals it owns. This was a serious problem during the first century of our country, when commerce was seriously hampered by lack of currency. This was an issue in particular for farmers, who typically needed to borrow in advance of harvest. But you can't borrow money that doesn't exist! The Federal Reserve and our fiat currency has allowed the US economy to grow enormously since they were established. The US would simply not be the economic powerhouse it is without the Federal Reserve System.
It's worth noting that the last holdout for gold-backed currency, Switzerland, switched to fiat currency in 2000. Switzerland, unlike the US, is not known for monetary profligacy.
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