A dollar bill is just a piece of paper. You can light a fire with it, or wipe your ...uh, nose with it. What gives it value is that society has agreed that it

A dollar bill is just a piece of paper. You can light a fire with it, or wipe your ...uh, nose with it. What gives it value is that society has agreed that it represents a redeemable obligation to receive one dollar's worth of goods or services. That obligation is debt.