Comment: You can trade it for gold or silver.

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In reply to comment: I agree.....kinda (see in situ)

You can trade it for gold or silver.

People will still voluntarily trade you gold or silver for it. Less every day, but still enough not to be sneezed at.

It still qualifies, just barely, as a commodity-backed currency, too. Granted, the commodity in question is the use of government force to enforce its acceptance in payment of debts. B-b

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"Obama’s Economists: ‘Stimulus’ Has Cost $278,000 per Job."

That means: For each job "created or saved" about five were destroyed.