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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Hank Scorpio who wrote (14953)	12/21/2022 2:49:14 PM
From: Sun Tzu	Read Replies (1) \| Respond to of 26506

The ability to tax citizens is not far from the ability to exact protection money - which plenty of people on the dark web can and will do for cryptos <vbg>. The only reason that a fiat currency has any value is because everyone agrees that it has value. So long as someone, anyone, is willing to give you something of value for a USD, the dollar has value. Without that, it is just a piece of paper. As it happens, the big wool that the US pulled over the world's eyes when it broke the linkage to gold was to convince the Saudis and OPEC to quote oil only in USD. In effect, OPEC's oil became the commodity that backed the USD rather than the fort knox gold. Today the issue is more complicated. Most people are under the illusion that the US government controls the USD, but that is not the case. The amount of USD outside of the US, colloquially called Euro Dollar, far far exceeds the US dollars. This money is not subject to US taxation and regulation. It is as fiat as it gets.