From: "Perry E. Metzger" <perry@imsi.com>
Date: Fri, 20 Jan 95 11:50:26 PST
To: chen@intuit.com (Mark Chen)
Subject: Re: Electronic cash illegal? (fwd)
In-Reply-To: <9501201930.AA01571@doom>
Message-ID: <9501201950.AA06204@snark.imsi.com>
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

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 
> 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