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> you trust that the country issuing that fiat doesn't default Doesn't default on what? A dollar isn't a claim on a percentage of the productive output of the
by jstanley 5y ago
> you trust that the country issuing that fiat doesn't default
Doesn't default on what? A dollar isn't a claim on a percentage of the productive output of the USA, it's just a dollar. If dollars aren't worth anything, it's not worth anything.
- labster 5y agoDollars do have inherent value, because I need them to keep the government from throwing me in prison for tax evasion. That is a very useful property.
- koonsolo 5y agoThis is such a stupid argument that keeps being repeated on HN. People are not obliged to be paid in dollars. This means people could decide to be paid exclusively in some cryptocurrency. So government collects taxes in dollars... what are they going to buy with that?
- labster 5y agoIf the argument keeps being repeated it must have inherent value.
- GoblinSlayer 5y agoThat's not inherent value, that's a social contract.