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David Wozney

Re: “The dollar fell to 121.15 Japanese yen...

A “Federal Reserve Note” is not a U.S.A. dollar. In 1973, Public Law 93-110 defined the U.S.A. dollar as consisting of 1/42.2222 fine troy ounces of gold.

Elaine Meinel Supkis

100% correct! All paper money is 'IOUs' issued by the Federal Reserves that have little reserves.

Elaine Meinel Supkis

Hi, David, I went to your web page. Very interesting. But there is more to the story about gold and the US dollar! I have in my own possession, US GOLD certificates pre-1933 going all the way back to 1825.

Namely, we collect specimens of money, both coins and paper. And in 1933, the words pertaining to redeemable in gold were removed and use of these bills, illegal. Namely, they ceased to be valid currency! One had to turn them in for paper money with NO promise of gold in kind! And the price of gold was then artificially set by the Feds!

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