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  5. A U.S. dollar is an IOU from the Federal Reserve Bank. Its...

A U.S. dollar is an IOU from the Federal Reserve Bank. It's a promissory note that doesn't actually promise anything. It's not backed by gold or silver.

P. J. O'Rourke
Promise, Gold, Dollars
A U.S. dollar is an IOU from the Federal Reserve Bank. It's a promissory note that doesn't actually promise anything. It's not backed by gold or silver.