Only officially. The US effectivly dropped the gold standard in 1933 because it was making the Great Depression worse. Money was completely stagnant, and the federal worl projects FDR championed to get the economy moving again couldn’t be funded when the government couldn’t get access to more gold.
It used to be backed by gold until 1971.
And what was the gold backed by?
being deflationary I think
Greed.
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Only officially. The US effectivly dropped the gold standard in 1933 because it was making the Great Depression worse. Money was completely stagnant, and the federal worl projects FDR championed to get the economy moving again couldn’t be funded when the government couldn’t get access to more gold.