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[quote user="zeev"]In 1980, when gold hit $870/oz, silver went above $50/oz, oil was at record highs, interest rates were north of 20%, and dollar was in hyper-inflationary free fall, the feds did something unprecedented. They coerced oil-producing nations to accept only dollars for oil, at...
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The Dollar is not entirely fiat. The explanation that the dollar is held up by "faith in government" is only partly correct. Americans use the dollar because our Government tells us to, and we have faith that our Government will turn its guns against us if we don't. But this does not explain...