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Backing of the Dollar Without Gold Cover
Sylvia Porter explains that removing the 25 percent gold backing shifts the dollar's support to the U.S. economy and tax receipts, with the currency's value measured by purchasing power. The gold cover keeps 10.7 billion of gold tied up, while free gold would be available to foreign creditors at 35 dollars per ounce, affecting confidence and the money supply controller. The piece notes the Fed, not the Treasury, controls monetary expansion and that cash is only a quarter of total money supply.
MENTIONED IN THIS ARTICLE
Sylvia Porter
Congress
U.S
U.S. Treasury
State of the Union
America
Federal Reserve