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so the dollar is less about it's gold reserves, but more so about ALL reserves, from military, oil, gas, technology, open markets etc.

It is also based on the future production of goods and services; in other words, there is a premium on the dollar because the future labours of the US citizen will be used to repay the debt. It's a high labour class and product class too.

You're taking a dollar for the potential of a US worker to pay you back on that dollar that they borrowed from you

Does this make sense? Don't worry - it took our class a few good sessions to understand this concept too.

OceanSlim 8mo ago

The dollar is about proof of violence. The dollar has power not because of any reserves. I has value only because of the full faith and credit of the US government and their ability to pay back their loans.

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Discussion

S!ayer 8mo ago

basically so, but the "pay back the loan" is just printing more dollars. That's why the US is in a position where it's reserve currency of the world, at the detriment to every other country.

OceanSlim 8mo ago

Which is why the "full faith" part becomes less trustworthy every day. This nation will collapse for the same reason every other economic powerhouse failed. Loose fiscal policy.