Quote For The Week

Posted In: Central Banks, Commodities, Currencies, Dollar, Federal Reserve, Gold, Quote For The Week, Silver, U.S. Government, U.S. Treasury Dept.

On February 19, I read a Chicago Tribune article by Jessica Levco entitled “Change he can believe in.” Levco talked about Bernard von NotHaus, creator of the controversial Liberty Dollar. In her article, the reporter writes:

Von NotHaus said he created the Liberty Dollar because he contends the U.S. dollar isn’t backed by anything — though the greenback is issued by the U.S. government.

“Because he contends the U.S. dollar isn’t backed by anything.” Hmmm. This week’s quote is by none other that the United States Department of the Treasury, which says on its website that…

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Federal Reserve notes are not redeemable in gold, silver or any other commodity, and receive no backing by anything. This has been the case since 1933. The notes have no value for themselves, but for what they will buy…

Source: U.S. Treasury Department/FAQs/Currency/Legal Tender Status

While this is not ground-breaking news for most of you, apparently some never got the memo…

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