30% Of Americans Think The Dollar Is Backed By Gold

(November 29, 2019 - Tyler Durden)

A recent survey of 1,000 English-speaking Americans showed that 29.3% of respondents still think the dollar is backed by gold, and another 23.6% have no idea if or what it’s backed by.

Almost a quarter of respondents thought the Federal Reserve’s job was to secure America’s gold reserves.

30% stated the US government backs the US dollar, and 7% responded that “nothing” backs the US dollar. That last one is probably the most accurate response.

It got even worse when respondents were asked about their money in the bank.

27% thought the bank had to hold all their deposits.

And of the people who knew banks are only required to hold a portion of your money in reserve, only 9% realized they hold as little as 2% of your deposits.

Clearly people have no idea how money and banking actually work.