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booker · 10-20-2003, 03:14 PM

Exactly.. you can own as much as you want, but it is illegal to demand gold as payment for goods or services. Reason being it undermines fiat money.

The deal with 1971 is that the US Govt. didn't want foreign central banks to be able to convert their dollar holdings to gold.

What that accomplished is the US dollar became completely removed from any redeemable value, which gives the Fed precise control (through money supply and interest rates) over inflation and other economic factors. Economically speaking, it was a pretty good idea.

10-20-2003, 03:14 PM
booker Confirmed User Join Date: Jul 2002 Location: Baltimore Posts: 1,370	Exactly.. you can own as much as you want, but it is illegal to demand gold as payment for goods or services. Reason being it undermines fiat money. The deal with 1971 is that the US Govt. didn't want foreign central banks to be able to convert their dollar holdings to gold. What that accomplished is the US dollar became completely removed from any redeemable value, which gives the Fed precise control (through money supply and interest rates) over inflation and other economic factors. Economically speaking, it was a pretty good idea. __________________ Xanadu024 (aim) or 286785389 (icq) "Hard work beats talent when talent doesn't work hard."