Fiat currencies are based only on faith that the government regulating that currency will honour them (the dollar, and the bond that created it). Nothing else.
Not disagreeing about faith having something to do with it. Faith is a value setting tool.
That faith is carefully regulated confidence in real assets, just as the price of gold is fixed in London.
Speaking of which, we know that itís a rigged game. They manipulate for inside deals.
Nobody is in love with central banking BS. Thereís clearly funny business afoot.
All the same ďthin airĒ is a poor description (to say the least) of what happens when your pen prints your obligation to pay, which is value. Thatís where the principal comes from.