“If our currency is not backed by gold, then who owns all the gold (if there is any) in Ft. Knox?
Since money (Federal Reserve Notes) are borrowed into existance they actually represent debt. To the FED debt is an asset like an account receivable. The debt is collateralized with...what?
Perhaps there is your answer.
The collateral is the legislators’ promising we taxpayers will pay the debt the legislators authorize. Things like the highway fund are nothing but IOUs issued to rake off the taxes paid austensibly to improve roads and bridges, and IOUs to pay the Social Security promises issued by the legislators against the revenues collected under the auspices of guaranteeing a retirement income ... to be paid by the taxes collected on those still working. It’s all been a ponzi scheme since Jekyl Island.
“Since money (Federal Reserve Notes) are borrowed into existance they actually represent debt.”
They are monetized Treasury debt.
“The debt is collateralized with...what?”
The ability of the Treasury department to collect taxes.