The Federal Reserve: How It Affects Your Money
Tuesday, November 28th, 2006Have you ever wondered how we got to the point we are at now? Does it ever cross your mind why cash has a monetary value? It certainly has with me.
It’s a very complicated thing, but basically your money, your savings, what is in your bank account is not backed 1 : 1 in gold as it used to be. We now have a system where for every dollar, only a small percentage of it is actually backed by gold. In other words, you would get 20 cents worth of gold for your paper dollar.
Now I am not for one second going to pretend that I know anything about the finer intricacies of this. So if you are interested in what makes a dollar worth a dollar and how the Federal reserve affects you, check out this video (hosted by Google Video) that takes you through from the very beginning.
