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Why should the dollar be backed by gold?
Asked by ironhiway (1370)
January 31st, 2008
Both the paper and metal are symbols, although gold has some value as a resource it’s value is mostly determined by people and the faith they put into it.
The system of currency is based on the value placed on it by those who use it to trade. It’s value is also based on the people who have faith in it and the countries who issue it.
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