pph, Paul's articles should be read and re-read until every thought becomes crystal clear. Freepmail me if you are still having a mind block on this. The essential truth here is that faith these days means that if you don't honor the dollar in exchange for your products, your products may be stolen from you in other ways -- perhaps militarily.
No need to conquer a nation to capture its resources anymore. Just force them to accept the value you have established for your dollar even though they have the right to accept another's currency which has more value.
FRN's are a substitute for war and are backed by military might.
The battle today seems to be over which nation or block of nations can print prettier reserve notes.
If that makes any sense to you. I know what I want to ask, it just isn't coming out clearly.
Is everybody stupid (the world) or just more comfortable not asking the question?
Nixon stopped backing the dollar with the gold standard when france called in their chips and wanted gold since the dollar was backed by gold, correct?
Ok, that's more than one question, sorry.