[13058] in Cypherpunks
Re: The Value of Money
daemon@ATHENA.MIT.EDU (Llywelyn)
Wed May 4 17:32:42 1994
Date: Wed, 4 May 1994 17:24:13 -0400 (EDT)
From: Llywelyn <samman@CS.YALE.EDU>
To: cypherpunks@toad.com
In-Reply-To: <9405042050.AA03767@toad.com>
On Wed, 4 May 1994 f_griffith@ccsvax.sfasu.edu wrote:
> Actually, there is no connection between the gold and our money. I.e.
> you cannot take US $ to Fort Knox (or any other government location) and
> get gold for it.
>
> This is why some posters have referred to "fiat money" - the $ is money
> because the government says it is.
>
> Reynolds
Unless of course you have a $ bill that is a specie note. I have a few ten
dollar bills that state that they are redeemable for specie.
Ben.
