Not really if it is describing fiat currency which is fairly common.
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· 5 years ago
It's definitely describing a fiat currency. But in any capitalist system, nothing has intrinsic value—not gold, not food, not labor. Value is defined by supply and demand.
If I think Federal reserve notes are worth my labor, I will trade for them. If you think the paper I carry is worth whatever you have, you'll trade with me.
It has less to do with some big scary "system" and more with our freedom to participate in voluntary exchanges.
In the end, each and every one of us determines what a dollar is worth.
If I think Federal reserve notes are worth my labor, I will trade for them. If you think the paper I carry is worth whatever you have, you'll trade with me.
It has less to do with some big scary "system" and more with our freedom to participate in voluntary exchanges.
In the end, each and every one of us determines what a dollar is worth.