I see this all the time, mostly when references are made about the dollar and how it was once backed by gold
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In the past, the United States had gold equal to the value of all the money in circulation, to guarantee the money printed had value.
The United States left the Gold standard (as guided by FRD) in 1933, a move that most economists warned would be the collapse of the country, and the end of western civilization. The new law enacted by congress said that United States citizens had to turn in, for a set value, all gold worth at least $100.00.
Of course, those economists were morons, and most likely were just protecting their own investments, instead of protecting the best interests of the United States. (A trend that continues to this day in most economists and investors.)
In 1971, Richard Nixon completely severed all gold to money ties, by eliminating the U.S. standard valuation of gold. In 1974, President Johnson signed a law allowing citizens to own gold over $100.00. Nixon would have signed the law, but he was a crook, despite his going on television saying that he was not.
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