3 ms·
People keep saying this, and it's totally untrue. Because of tax, there's a fixed percentage of every country's GDP that must be transacted in that country's cu
by syllogism 9y ago
People keep saying this, and it's totally untrue. Because of tax, there's a fixed percentage of every country's GDP that must be transacted in that country's currency. It's 100% false that "fiat currencies aren't backed by anything".
If I owned all the currency of the country you reside in, you would have no choice but to trade with me. If you don't buy any currency from me, you won't be able to pay your taxes and you'll go to jail.
- lagadu 9y agoNo, if you owned all the currency from my country, my country would just issue a new currency, which would effectively nullify any value behind the old one. Countries making new currencies is a fairly common event in the past century and that's not even counting the move to the Euro.