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“ Since the United States came off the gold standard formally in 1971 – that is to say, after that there was not gold bullion worth one dollar backing every dollar bill.”
Wasn’t Breton-Woods already a fractional system? I don’t think there was ever $1 in gold for every $1 USD…
Current reserve requirements: https://www.federalreserve.gov/monetarypolicy/reservereq.htm