Then maybe you also remember real silver dimes, quarters, halves, and dollars.
Federal Reserve Notes dominated US Notes SFAICR. My memory of these things dates back to the mid-50s. In 1965 or so I was robbed, and one of my bills was a US Note. The police caught the guys; and then asked me if I could identify anything they had taken from me. I told them about the US Note. They didn't understand. So I told them about the red seal. They nearly passed out when they saw that red seal in the things they had confiscated from the robbers.
Isn’t [it] a major issue, that our currency is not backed by tangible assets, such as gold or silver or any other actual physical asset?
I think it's a MAJOR issue. Eventually we're going to go the way of Zimbabwe. Right now, inflation isn't too bad because the velocity of money is low; but watch out if the economy ever revives.
The nice thing about hard assets (gold and silver) is that they do not rely on some third party to maintain a value respected by buyers and sellers. If the US ever disappears, all those Federal Reserve Notes will have ZERO value, just as Confederate currency does now. But those pre-1965 US coins will have just as much buying power as they did when they were issued. (Obviously the scrap metal coins issued since 1965 will have no value either.)
ML/NJ
There is small chance US economy experiences a boom any time soon. Our problem will not be inflation because there will be no shortage of goods from Asia. Our problem will be unsustainable debt combined with shrinking economy.
When the #1 creator of wealth, manufacturing, is shipped to China & Kamala, US economy will shrink.