One of the mysteries of the English language finally explained.
1Having no financial, material, or moral support.
- ‘Now, since this money is unbacked by any previous production of real wealth it will set in motion an exchange of nothing for something, or a redirection of real savings from wealth generators towards the borrower of the newly created $1000.’
- ‘Also during the course of the war, the federal government printed almost $1 billion in paper currency, or ‘greenbacks,’ that was unbacked by gold or silver.’
- ‘Japanese would have difficulty to secure real goods from Americans for dollars they have received since these dollars are unbacked by production.’
- ‘If the unbacked fiat dollar and all the currencies that depend on it are such ‘leaden ducks’, then why are they not sinking?’
- ‘Over centuries, governments have taken over money from the market, and in the 20th century, most currencies became unbacked by anything other than the force of the State.’
- ‘In a free market, then, the threat of bankruptcy would restrain banks from issuing paper certificates unbacked by gold.’
- ‘Today, they give the same old unbacked money a pretty facelift every few years and then go about devaluating it still further.’
- ‘The bank then lends this unbacked certificate to an individual Arthur.’
- ‘To recapitulate: check-kiting consists in issuing an unbacked check that the conspiring banks ‘back’ with an endless string of further unbacked checks.’
- ‘Although much of his thesis is useful for analyzing ethnicity and its consequences in Africa, Mwakikagile's book is full of unbacked, unproven assumptions.’
- ‘Being itself unbacked by anything other than politicians' promises, it is - in its current unbacked form - simply doomed.’
- ‘In the world of Phoebe, striving unbacked by integrity may be blameworthy, but dullness is unforgivable.’
- ‘In more details, the first unbacked check is ‘backed’ by an infinite string of subsequent unbacked checks.’
- ‘The only reason why in the past loose monetary policies seemed to grow the economy is because the pace of real savings generation was strong enough to absorb increases in unbacked consumption.’
- ‘It is a fiat standard, unbacked and irredeemable, which can be inflated and depreciated at will.’
- ‘Unlike a 100-percent reserve system, in which banks cannot issue more in notes than they have specie in their vaults, there is no logical limit to the expansion of the unbacked paper money favored by Fathers Coughlin and Fahey.’
- ‘Rather than facilitating the transfer of savings across the economy to wealth generating activities, when banks issue unbacked claims they are in fact setting in motion the weakening of the process of wealth formation.’
- ‘Even if we momentarily share their obsession and even if we stick to the old texts, unbacked by any harder evidence, the accepted view does not bear much scrutiny.’
- ‘In the greater monetary scheme of things, of course, the dollar is still what investor Doug Casey calls ‘the unbacked liability of a bankrupt government.’’
- 1.1 (of a horse) having no backers in a race.
- ‘The Philip Carberry-ridden Killeaney, on the other hand, went unbacked in the three-mile handicap hurdle.’
- ‘We laid it from 33-1 to 10-1 and a lot of supposedly fancied horses like Bobbyjo and Djeddah were unbacked.’
2Having no backing layer.‘unbacked hessian’
- ‘Some specialty wallpapers like foils, unbacked and grasscloths require the use of lining paper.’
- ‘Acrylic-backed or unbacked textiles should be dry hung.’
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