Story 5 theories
Posted by Deverien, 1:29pm, 12 Oct, 2005
True, but it should be noted that many modern governments are trying to move AWAY from the gold standard as a means of backing their currency. Whether they're doing so effectively is another matter altogether, but still...
Posted by dalben, 2:39pm, 12 Oct, 2005
At the moment our money is backed up by the full faith and confidence of the United States. This works, because everyone accepts it. Thus if the people of Spider-Cliff continue to accept their money as having value it will still work as local curreny. However, the outside world would probably not have so much faith or confidence in the money if they knew they couldn't exchange it for their dollars. Of course this only a problem if (a) the bridge is repaired and (b) someone tells outsiders of the problem.
Posted by taltamir, 3:20pm, 12 Oct, 2005
um, fort knox does NOT back up the dollar anymore.
There isn't enough gold in there to get you a quarter per dollar you have. The american dollar is based on faith in the government alone.
In the long run, what is gold anyways... its all a matter of faith, do you beleive that someone else will accept it as valid means of payment, if you answer yes then you should accept it yourself.