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Kill-the-penny bill introduced
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<p>[QUOTE="tsk, post: 183143, member: 5858"]Up until that time (well since the 40's or something), foreign banks could trade $35 for an ounce of gold. In theory, the US was supposed to have a fixed amount of currency in circulation (no inflation). In actuality, the US had been printing extra money and if they didn't close the gold window, we'd have run out of gold. Now there is no gold (or silver) backing for the dollar.[/QUOTE]</p><p><br /></p>
[QUOTE="tsk, post: 183143, member: 5858"]Up until that time (well since the 40's or something), foreign banks could trade $35 for an ounce of gold. In theory, the US was supposed to have a fixed amount of currency in circulation (no inflation). In actuality, the US had been printing extra money and if they didn't close the gold window, we'd have run out of gold. Now there is no gold (or silver) backing for the dollar.[/QUOTE]
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