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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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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