Money is differed labor, debt is forwards on money -> the debt market is labor futures and the dollar is backed by US GDP combined with our reputation for the r

Money is differed labor, debt is forwards on money -> the debt market is labor futures and the dollar is backed by US GDP combined with our reputation for the rule of law (ie people expect us to deliver when other countries might give up.) Of course when you have too much open interest in a futures market you can get a squeeze and that's what everyone is worried about.