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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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arguably the entire worth of the dollar as a currency comes from it being what taxpayers pay in, so yeah it kind of does come from taxpayers
also, money is fungible with other money, so "this stream of money doesn't come from there" doesn't make sense
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
The fungibility isn't what's at issue. The link between the money stream and the military is a system that can't be understood separately. Thinking of it as taxpayer funded doesn't make sense.
I encourage you to read the book. It really changed my perspective on what value even is and what it means. I don't think you'll think this after reading it.
if you raise a billion dollars from taxpayers, and then raise a billion dollars from foreign debt, and you have a problem that you need to spend a billion dollars to fix, any dollar from either pile can go towards fixing that problem
this is like when red bull broke their spending cap in F1 and their response was to say that the overspend was from catering
i can't read