Aug wrote --
This does not mean that the notes are worthless. The Bank of Canada will continue to honour them at face value."
The US money is now based merely on nothing.
At one time there was the gold standard, by which all American money was based and if one wanted to cash in their paper money for gold they could.
In the '30s Roosevelt took the US off the gold standard (and put it on
the silver standard) and actually made it illegal for Americans to own any gold. (Other than things like jewelry, etc). One could no longer take a bill to the bank and ask for its val
In the '70s Nixon took the US off the silver standard. That basically
made the money worthless since there was nothing to back it up, other than
the promise of the government it was worth X amount.
Up until then one could cash in their bills for an equal amount of
silver. Not any longer.
Joe
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