@Zeb @shortstories @Tfmonkey @VeganMGTOW @white_male 'Goldtopia' or whatever we want to call the fictional country in this thought experiment, has issued notes and they're backed by e.g. gold. At some point, their notes become treated as a substitute for a commodity on the world market, do they not? Functionally, 'goldtopia' has a better version of GLD or any other gold based ETF, because theoretically they're not charging fees for this. How could they, after all?