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Theo Katzman · 64w
Bitcoiners, can you help me sharpen this sword? Anything I can do to improve this? “What backs the US dollar? To quote Nobel-prize winning economist Paul Krugman, ‘men with guns.’ What backs b...
 🇵🇸 whoever loves Digit profile picture
🇵🇸 whoever loves Digit @🇵🇸 whoever loves Digit
The US dollar is backed by oil, not men with guns. I'm so fucking tired of pointing this out. I hate how people pretend the US forcing people to use dollars is a "backing." That's not what the fucking backing of a currency means. I cannot go to the bank and exchange my dollars for men with guns. I can go to the gas station and exchange my dollars for gas. It's the fucking petrodollar.
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🇵🇸 whoever loves Digit · 64w
Bitcoin also isn't "backed by electricity." It's backed by nothing, there is no issuer backing it with anything. Its value is tied to its own scarcity because it can't be freely printed, as opposed to a freely printed currency which needs some external thing as the un-printable scarcity giving value...
Liberty Farmer · 64w
You are partially correct. The bulk of OPEC and the Saudi regime prices in oil, because we protect them and sell them arms. The Petro dollar cannot exist without the US military backing. But it goes much deeper than the Petro dollar. The World Bank and IMF prop up developing countries, and have...