The Reserve Bank of Australia prints money in Australia. In the days
of the gold standard you would be promised a certain amount of gold for
each note - that is no longer the case. Now that the Australian economy
is bootstrapped, the value of the Australian dollar is in the transfer
of goods and services. i.e. that you can walk into a shop, get in a taxi
and the Australian dollar would be accepted.
Think about a barter system. I have apples and want bananas. Ok I
find a banana farmer and swap. But what if the banana farmer doesn't
want apples, but wants a taxi ride? Well then I need to find a taxi
driver that wants apples that will give the banana farmer a ride, so I
can get my bananas.
Or we could just use money. Then I give money to the banana farmer,
sell my apples to the taxi driver and the taxi driver charges the banana
farmer. No requirement for a "gold standard" - the value of the dollar
is what you can buy with it.
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