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Friday, 11 April 2014

What backs the US Dollar?

The US Dollar is backed by all the underlying value systems in the US economy.

The underlying values systems in the US economy include, but are not limited to:

Sound governance
Sound economic policies
Sound education system
Sound justice system
Sound health system
Sound defense system
Sound police system
Sound commerce and industry
Sound infra-structure system
Sound monetary policies
Sound accounting principles
Etc, etc.

The same is true for every other fiat currency. They are backed by all the specific underlying values systems in each economy.

Nicolaas Smith 

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