Posted by dhermesc on January 09, 2009 at 09:00:40 from (24.248.193.103):
In Reply to: OT/Gold posted by Tractor,Tractor on January 09, 2009 at 08:06:58:
Take a dollar out of your pocket and read the top above the face - it says FEDERAL RESERVE NOTE. This note was printed by the Bureau of Engraving and Printing (BEP), and issued by the Federal Reserve Bank - NOT the US government. The Federal reserve bank is NOT part of the US government so the gold in Fort Knoxx has nothing to do with the dollars in your pocket or bank account.
United States Notes (characterized by a red seal and serial number) were the first national currency, authorized by the Legal Tender Act of 1862 and began circulating during the Civil War. The Treasury Department issues these notes directly into circulation, and they are obligations of the United States Government. Those are backed by the assets of the US government (Fort Knox gold reserves, federal lands etc..) But only 300 million are allowed to be circulated at any one time. Chances are you'll go though life without seeing one of these.
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