What if paper money is not really backed by gold?

Philippines
April 14, 2007 11:23pm CST
It could be possible that they print more than the reserves. some say this: Its not, they used to be. Then some joker started cornering the gold market by buying up gold. now it's backed by the govt's ability to stabilize the value of the dollar through monetary and fiscal policy . do you agree?
1 person likes this
1 response
@salam1 (1476)
• Malaysia
15 Apr 07
Yup, trouble in the future I think. I heard that US$ is not backed by gold..