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<p>[QUOTE=&quot;Cloudsweeper99, post: 1308118, member: 3011&quot;]The concept is difficult because the old definition of a dollar as .77344 troy ounces of silver no longer applies, and FRNs are no longer redeemable for anything.&nbsp; The word &quot;dollar&quot; has become something of an abstraction.&nbsp; FRNs are US dollars, coins are US dollars, and Treasuries are US dollars.&nbsp; People and institutions can hold their dollars in whatever form fits their needs, but they are all dollars that are convertible into each other.&nbsp; The problem here is that some posters don&#039;t understand that the words currency and dollar are not the same thing.&nbsp; FRNs are dollars that are obligations of the Fed.&nbsp; Treasuries and coins are obligations of the US Treasury.&nbsp; But all of them are dollars.[/QUOTE]</p><p><br /></p>

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