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Good question.
(lemmy.world)
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this post was submitted on 17 Nov 2023
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A Boring Dystopia
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Not at all. The dollar’s valuation comes primarily from:
Its backing by a stable economic and governmental system and the projected power of the military controlled by that government
Its status at the global reserve currency
Tokyo, Lisbon, and Santiago don’t hold debt and equity in USD because Phil from Bozeman paid the IRS in that currency.
the only real backing the dollar has is that it's the only currency you can use to pay US taxes
1 is necessary for 2, so 2 isn't really a separate point
They hold debt and equity in USD because USD is stable because there is always a Phil from a Bozeman who needs to pay their taxes, so they money will always have value to somebody