In early America, the dollar was “backed” by gold; for every dollar that the government printed, it had to keep a certain amount of gold in a vault. In 1971, though, President Nixon did away with this gold standard. Under the new system, the dollar was no longer related to anything physical; a dollar was just...a dollar. Today, more and more people are moving away from physical money and are instead paying digitally: PayPal, Apple Pay, etc.
- If a massive Internet outage destroyed all financial records, what do you think would happen?
- If an alien asked you to describe what “money” is, how would you respond? Is money real?