USD is backed by "the full faith and credit of the government." In 2021, that means that USD is backed by nothing. It's been backed by "nothing" since 1971, but it has new meaning these days. Only the real threat of government force gives it the illusion of having worth.
Since more people than not believe otherwise, USD holds its grip on the imagination. When more people discover (to their dismay or horror) that USD is backed by nothing, confidence in USD will reach its well-earned level of worth: zero.
Wouldn't it be ironic if the federal government came to depend on cryptocurrency to pay down the national debt? Whichever altcoin gets used for this purpose will moon so high investors will find themselves in the Andromeda Galaxy. It won't happen because the people running the federal government need the people to remainin debt to maintain control over them.
Posted Using LeoFinance Beta