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Social StudiesSocial Studies
1 December, 04:28

Is the following statement correct?

"The Federal Reserve is limited in its ability to issue paper currency by the amount of gold the federal government has in Fort Knox. To issue more paper currency, the government first has to buy more gold."

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Answers (1)
  1. 1 December, 07:22
    0
    False

    In our world today the usage of currency is fiat money and not supported by gold

    Explanation:

    Is the following statement correct?

    "The Federal Reserve is limited in its ability to issue paper currency by the amount of gold the federal government has in Fort Knox. To issue more paper currency, the government first has to buy more gold."

    False

    In our world today the usage of currency is fiat money and not supported by gold
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