I don’t understand how a piece of paper, say the U.S. Dollar, can found to be of some given value if it’s not backed up by anything like say gold. Furthermore, in a world full of all this fiat money, doesn’t there have to be some absolute standard that all other currencies are valued in terms of? How is it possible to have so many currencies valued with respect to each other on a floating basis with no absolute reference?

Absolute Reference, Currencies, Currency, Dollar, Fiat, Fiat Money, Gold, Piece Of Paper