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Old 09-15-2008, 06:43 PM  
xmas13
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Quote:
Originally Posted by Eriic View Post
I don't think it would fix it at all, but I do believe it was the major effect of the economy's fall. The money we printed was backed up by the value of the gold the U.S.A. owned, so we did not print more money then was backed up by the gold.

We were removed the Gold Standard and printed money that was backed up with nothing, so it was like writing checks when you knew you had no money in the bank.
Dude, a currency is backed by an economy, not stocks of metals (or paper).

BTW, now it's electronic money for the most part.
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Last edited by xmas13; 09-15-2008 at 06:44 PM..
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