No, it never does.
Kind of wish we were never taken off of the gold standard.
Though I still don’t know what that meant, exactly.
Did we have to have AS MUCH gold as debt we owed? Or a percentage? Or did it not have anything to do with the debt?
Need to read up on that.
It's fun to watch other people go off of the gold "standard", though.
Under the gold standard only a portion of the American money supply was backed by gold. The rest was called “credit money” or “bank money”.
Only gold coins (”specie”) and gold note currency were gold backed. Gold currency would have been $10 or $100 notes, at a time when the dollar was worth far more than today.
The money you deposited in banks was not gold backed, it was “credit money” or “bank money”.
Any currency that wasn’t a silver certificate or a gold note was also “credit money” or “bank money”. This included the US Note issue (which originated as Civil War Greenback fiat currency) and Federal Reserve Notes. It also included currency issued by private banks.