We all know what a Dollar bill looks like, but is it really money?
What is it that is making the paper that it is printed on so valuable?
Background of money as we know it
At the end of WW2, the Brenton Woods System was formed (1944) whereby it was agreed by forty-four countries that they will fix their money to the US Dollar and that the US Dollar will be fixed to gold. The system became operational during 1958. The agreement was to keep the dollar price of gold fixed and to adjust the supply of dollars to maintain confidence in future gold convertibility.
Did you know that during 1971, the United States abandoned its responsibility, previously agreed to by these forty-four countries?