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    #1

    What does "back" mean here in the sentence?

    Dear all,

    Why they need to "back it in specie or hard money"?
    What does "back" mean here in the sentence?

    Thanks in advance.

    But a number of factors conspired to create this country’s first great economic crisis. Perpetual wars between France and England finally ended in 1815, spurring economic growth in those countries that competed with U.S. production. U.S. banks issued their own currency with little ability to back it in specie or hard money, meaning gold and silver coins. When they needed more money, they simply printed more, which resulted in rapid inflation.

  1. jerry081958's Avatar
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    #2

    Re: What does "back" mean here in the sentence?

    Quote Originally Posted by Eartha View Post
    Dear all,

    Why they need to "back it in specie or hard money"?
    What does "back" mean here in the sentence?

    Thanks in advance.

    But a number of factors conspired to create this country’s first great economic crisis. Perpetual wars between France and England finally ended in 1815, spurring economic growth in those countries that competed with U.S. production. U.S. banks issued their own currency with little ability to back it in specie or hard money, meaning gold and silver coins. When they needed more money, they simply printed more, which resulted in rapid inflation.
    Here "back" is a verb. It means to support. The gold or silver backs the paper money. The gold or silver is held in a safe place by the government. The government prints the paper money. The paper money is backed by the 'hard money', that is, the gold, silver, etc. The paper money has actual value because of the gold or silver being held in reserve. Make sense?

  2. jerry081958's Avatar
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    #3

    Re: What does "back" mean here in the sentence?

    In the situation described, the governments did NOT have gold or silver to back up their money. So, when they just printed up more paper money, it quickly became worthless; so, the rapid inflation.

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    #4

    Re: What does "back" mean here in the sentence?

    Quote Originally Posted by jerry081958 View Post
    In the situation described, the governments did NOT have gold or silver to back up their money. So, when they just printed up more paper money, it quickly became worthless; so, the rapid inflation.

    Got it.
    Thank you very much.

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