The dollar is not backed by the U.S. military, that's B.S. They tell you the dollar is backed by the “full faith and credit” of the U.S. Government. In other words, the only thing backing the dollar is the government's power to spend and tax the chit out of the private economy to pay its debts. Of course, that's just a fantasy now since the government is now like the Titanic driving full steam ahead directly toward an iceberg.
When the dollar was backed by gold (post creation of the Federal Reserve until the Great Gold Robbery of 1933), what was written on paper currency was “This note is legal tender for all debts, public and private, and is redeemable in lawful money at the United States Treasury or at any Federal Reserve Bank.”
The only things that were "lawful money" were gold and silver, a worldwide tradition for thousands of years that were most successful and practical and kept money and commercial trade honest fo the most part. A gold dollar was essentially a warehouse receipt redeemable on demand for the goods ("lawful money") it represented.
It's what kept the system in check, if the people found out there was bankster fraud going on, that the goods weren't being held in adequate reserves to honor normal levels of redemption, chit hit the fan and there could be a run on a bank and that bank could fail and go out of business and worse things could happen to the fraudsters.
Now the U.S. Treasury says Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. Redeemable notes into gold ended in 1933 and silver in 1968. The notes have no value for themselves.
Today the dollar only asserts the note is "legal tender". By worthless dicktate.
RayR wrote:
