Today we conflate and synonymize the dollar with banknotes, assuming they are the same thing, but technically they are not—Federal Reserve notes are specifically the obligations of the Federal Reserve, not a universal dollar.
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Speaker
Demetri CafenasEvidence Quote
“We conflate the dollar with banknotes, but they're not the same...money in JP Morgan is JP Morgan's obligation, not universal dollars”
Source
Will the U.S. Dollar Survive the Breakdown of the International System? | Paul Blustein— Hidden ForcesCreated: 8/11/2026, 7:00:52 AM
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