What is the US dollar backed by- Faith, credit or Oil?

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   Castlepalomaposted 5 years ago

   Nixon implied; take our paper dollars or don’t, since 1971. The U.S. citizens have been able to utilize Federal Reserve Notes, not backed with any gold or silver as it's abandon metals. No wonder why the Greedy Bastards create war and steals oil from the Middle East.
   So what else does a dollar or Federal Reserve note represent now.? Oil is the only answer, I can come up with.
   
   This note is legal tender for all debts, public and private.” In other words, you can’t redeem it for “lawful money.”Guess what? A dollar bill is not lawful money, but rather “legal tender.”from the Treasury. Yet backed” by all the goods and services in the economy.”
   Even though now it's not redeemable at all.
   
   Keep your hardware like home, land,  skill sets, fine metals. For I'm not going for a run for the banks, like so many times it"s happen through history, worldwide. The Treasury would have you believe the GDP is backs by the dollar. Also don't trust 97℅ digital money neither.  Too bad, so many of us are chickens and owned by foxes.
   
   
   Your thoughts?

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      wildernessposted 5 years agoin reply to this

      What is "lawful money" if not that which is lawful to print/stamp?

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         Castlepalomaposted 5 years agoin reply to this

         Many people have no idea where money comes from.
         It's printed out of thin air on paper by private owner Centro banks. Now most money is digital,  they are debt notes. Petrol dollars or US dollar is the only other means of backing,  forced as world currency. Yet like all other currencies worldwide it goes belly up approx. every 40 years, time is up. The rest of the world is catching on to backing their currency with something solid.
         
         Trump's fracking oil and middle east wars is about oil, most people know this deep inside, yet programed to think they are safe.

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            wildernessposted 5 years agoin reply to this

            OK - it is legal for those printing the money to do so.  It is also legal for that "digital money" (presuming you mean banking bookkeeping).  All legal.  So what is the problem if it's all "lawful" money?
            
            Not sure what fracking for oil has to with printing money or making it legal.  Can you expand on that?
            
            Current Middle East wars is about terrorism, not oil.  It probably was about keeping oil supplies stable and available at one time though none was stolen by the US.  I'm having a hard time picturing a supertanker pulling up to the dock, filling up and delivering it to the strategic reserves without paying for it.  The army might have stolen a gas tank full of gas or two, though.

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               Castlepalomaposted 5 years agoin reply to this

               Two major reasons why US invaded countries, Centro banking and petro dallors.
               One story the US mainstream media has left largely untouched even though it will send the United States into an economic maelstrom and dramatically reduce the country's importance in the world: the demise of the US dollar as the world's reserve currency. For decades the US dollar has been absolutely dominant in international trade, especially in the oil markets. This role has created immense demand for US dollars, and that international demand. US Treasuries as countries around the world sought to maintain stores of petrodollars. The availability of all this credit, denominated in a dollar supported by nothing less than the entirety of global trade, enabled the American federal government to borrow without limit and spend with abandon. The dominance of the dollar gave the United States incredible power and influence around the world… it is  all a-changing.  US is losing hold of its position as the world's superpower.
               A long list of nations that dislike America are pondering ways to reduce American influence in their affairs. Ditching the dollar is a very good start.
               
               In fact, they are doing more than pondering. Over the past few years China and other emerging powers such as Russia and several major oil-producing nations have begun selling oil in currencies other than the dollar,
               Currency independent of the dollar.
               
               Such as US allies, including much of Europe and parts of Asia, choosing instead to simply trade with Iran through avenues that get around the sanction

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                  ahorsebackposted 5 years agoin reply to this

                  Castle , respectfully , I believe that you totally ignore the 'other half "  of your own artistic painting of the power of the US economy solely because of how much and for whatever reasons that you despise Americas .
                  
                  If our power of attaining geo-economic -political power worldwide was because of , for one petrochemical domination ,  Then you are [1] not only underestimating the rest of the worlds gains BECAUSE of it , [2]  you are ignoring the  wealth spread of other countries because of our management skills of the incredibly dominant US dollar.    Why do you think every other country in the world is here shopping in our many, many markets demanding US dollars in trade.
                  
                  First , some OTHER incredibly strong currency has to dominate ours . that's a fact --not discussed much here by you  or other America haters .   There is a reason the world's economy has blended so well with the US dollar currency , because essentially all others have failed or dwindled and because ours has not .    Hate America all you want , however if you're going to use your artist's skills to paint a picture --don't leave them half finished .

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                     Castlepalomaposted 5 years agoin reply to this

                     wonder if hate is your favorite word. I don't used that word hate, it's about brave and intelligent decision making. Once America was the best at it, now many countries have surpass this US empire toilet paper currency and military fear change in America. Countries have caught onto this nuclear war idea,, as no longer a meaningful threat because US would have to blow themselves up in the process.
                     
                     So US bullies pick on smaller countries that have none of their Centro banking present and they have oil reserves, all soft fluff, no positive hardware in exchange .
                     
                     As BRICS can now match US military and their currency has changed over to gold and silver.  Why deal with a country that has nothing to offer to back their currency up.
                     Nothing to do with hate, all to do with the healthiest deals.

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   Live to Learnposted 5 years ago

   We, like the Euro are based on faith. It's a fiat money system.
   
   What sucks is they don't even back it up. If someone counterfeits any legal tender and you have it in your pocket. You are out the money.

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      Castlepalomaposted 5 years agoin reply to this

      There is no such thing as a world currency. However, since World War II, the dominant or reserve currency of the world has been the U.S. dollar. At one time, all currencies were backed by gold, meaning that every country had to hold in reserve enough gold for all of the currency in circulation. In other words, gold was the standard by which all currencies were measured. After World War II, the United States became the world's largest and most dominant economy. Due to the global expansion that took place after the war, bank reserves did not hold enough gold reserves to back the growth of the currency, which was needed to finance the global expansion further. Consequently, the U.S. disconnected from the gold standard and began to print more paper money to finance the world's growth requirements. Because the U.S. was such a powerful economy, other countries agreed to accept the dollar as legitimate tender and followed suit to waiver the gold standard. Thus, the dollar became the most dominant currency and almost all commodities came to be quoted internationally in U.S. dollars.
      
      Now that many countries are going back to the gold standard. US and some others are in big trouble.
      They rather fight than switch.

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