Why do you guys have such difficulty with the term backing? As I said: The goal of backing is to ensure, that the media of exchange will retain its purchasing power. There is nothing more to discuss, unless you hold the opinion, that the goal of backing is something different.
Why do you have such difficulty with the term 'definition'?
I am not interested in the GOAL of backing. So don't keep telling me what the GOAL of backing is.
I am interested in the DEFINITION of backing. And no, not A definition or YOUR definition, THE definition. And if you want to keep telling me what the definition is, you'd better be prepared to support that. with. a. link!
Anyway, since I've already scooted off to the various dictionaries google provides, there's no need to belabour the point. And the metadiscussion is interesting, it just ain't answering the question I asked. I had been under the impression that the word was a term of art in economics, in the same way that "force" is a very specific term of art in physics, notwithstanding the careless use it may have in the real world.
I think you chose the wrong place to search for
the definition. And I suppose as well that even if you went to some distinguished economists and their works on money theory, you would still find many different understandings and definitions of what backing actually is...
I have expressed my understanding of the term and am quite happy with it, so what are you waiting for?
