From: chen@intuit.com (Mark Chen)
Date: Fri, 20 Jan 95 12:21:09 PST
To: perry@imsi.com
Subject: Re: Electronic cash illegal? (fwd)
In-Reply-To: <9501201950.AA06204@snark.imsi.com>
Message-ID: <9501202019.AA01877@doom>
MIME-Version: 1.0
Content-Type: text/plain



> Re-read what was originally written carefully -- it claims neither
> that the dollar is backed nor that paper dollars are exchangable for
> silver.
> 
> .pm

I interpreted ". . . the legal definition of a 'dollar' in the US is
still a certain weight of silver" to imply both.  Apologies if I
misconstrued.

> > Mark Chen says:
> > Derek writes:
> > > > As far as I know, the legal definition of a "dollar" in the US is still a
> > > > certain weight of silver, and payment in silver legally satisfies debts;
> > > > under current silver prices, that probably costs more than a 
> > > > $1 US Federal Reserve Note, so nobody bothers.
> > > 
> > > Uhh, no, US currency does not have any backing.  I believe it was
> > > Nixon who stopped it, possibly even earlier than him.  There _used_ to
> > > be Gold- and Silver-backed dollars, but no longer.
> > 
> > Correct.  Nixon dismantled the Breton Woods system in (I think) '71.
> > 
> > 
> > --
> > Mark Chen 



--
Mark Chen 
chen@intuit.com
415/329-6913
finger for PGP public key
D4 99 54 2A 98 B1 48 0C  CF 95 A5 B0 6E E0 1E 1D