The US Dollar has not been tied to a tangible asset for quite some time. In fact, every US Dollar in circulation is backed only by “the full faith and credit of the United States”, and has no inherent or intrinsic value whatsoever.

I'm so glad to read this. People keep saying to me "Money is backed by gold", but I just can't get my head around that. Sure, I can accept that this was the case long ago, but I simply don't believe that it is like this now. I can't just go to my bank, tell them I want to take out my bank account value in gold and get 'my' gold. It doesn't work like that. I simply don't believe that all of the money in the world right now is backed by a stack of gold somewhere... Doesn't seem logical. So I'm happy to read your statement here.