Royal Mint – Gold V Cash on the street…what about lost money?
Hi all
I know that the amount of money printed is equal to the gold bullion in the banks BUT say for arguments sake 1 million gold = £1million cash printed out on the streets…..does it take into about the amount of money lost over the years? (Eg binned by accident, washed in the machine etc…)
Also is this just the rule for the UK? I live in the UK but usually have dollars on me due to wherever I travel takes dollars so I never change it back up….so does that mean that the US economy are missing my dollars? (Dont worry America I can never stay away too long!)
I wish they could just print money to sort the credit crunch, its just damn depressing!!
A country’s currency is generally regarded as being backed by its gold and foreign currency reserves (FCR). For most countries, gold makes up a very small proportion compared with FCR.
As for currency in circulation, this is only a small proportion of a country’s worth, so the amounts which get lost or never used again form a small part of a small part. Not worth taking into account.
Re: GOLD BULLION VENDING MACHINES NOW IN HOTELS! 2010
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