Backed by oil I mean. It's not the same as being backed by oil.
Discussion
# Try trading Yen for oil. US dollars buy oil. So i can turn in my IOU dollars for a barrel of oil, a commodity. How is that materially different to a gold standard?
Backed by oil I mean. It's not the same as being backed by oil.
# Try trading Yen for oil. US dollars buy oil. So i can turn in my IOU dollars for a barrel of oil, a commodity. How is that materially different to a gold standard?