Can you guys please tell me what is underlying the Indian rupee? Or US Dollar? Afaik there is no more gold backing required to print currency and governments around the world have been printing money like crazy. Whats backing these currencies apart from a promise done by the central bank. This all "there is no underlying" argument is pretty flawed. Anything which people believe in have value, just like paper notes.
Can you guys please tell me what is underlying the Indian rupee? Or US Dollar? Afaik there is no more gold backing required to print currency and governments around the world have been printing money like crazy. Whats backing these currencies apart from a promise done by the central bank. This all "there is no underlying" argument is pretty flawed. Anything which people believe in have value, just like paper notes.