Bruh, I just learned that the Federal Reserve is neither part of the federal government nor does it have any Reserves 😑😑

@MrBrownstone of course, but there was no federal reserve.
There were U.S. government chartered banks and state banks that issued currencies..
There were treasury notes issued and backed by the government with gold reserves.
Nixon took us off the gold standard when france insisted on redeeming U.S. debt in gold..
Nixon knew we couldn't afford to finance the war and pay our debts in gold so he took us off the gold standard and told france to fuck off.

@Greybare How was money backed in his time?

@Deadcutie
We'll never be able to back our currency with gold again.
There's too much out, in debt and circulation.

@SW-User yeah that was what I was thinking..

@Deadcutie We can't go back on the gold standard. All the gold in Fort Knox and other repositories was removed decades ago to pay private lenders and other countries for debts our government incurred to them, and to pay for waging wars, and for programs that Congress would not approve. Case in point: If the US citizens still owned that gold, Trump would simply take what he needs to build the wall. As it stands, he can only bloviate which may have worked in the past, but not as President.

Lol no. That’s not it my friend @Greybare