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@JorgeStolfi @rvkennedy @immibis @pluralistic @funcrunch @kcoyle It’s nothing to do with trust of the Fed. That’s why people head to gold in times of financial crisis.

Money is based upon debt, without which it has no value, and sovereign currencies are valuable entirely because of the state’s monopoly on violence (police, army, laws) to call in that debt.

The best primer on this is David Greaber’s *Debt: The first 5,000 years* https://bookshop.org/p/books/debt-the-first-5-000-years-updated-and-expanded-david-graeber/8072806