"The dollar represents a claim against the government."
What does this even mean? A claim means that I can turn in the piece of paper and get something back. I can turn in my coat check claim paper and get my coat back. Under a gold standard, I can turn in my paper bill and get gold back. But we are no longer under a gold standard. What is the thing I get back with regards to a dollar?
The actual thing bootstrapping the value of a dollar is that the dollar is legal tender for paying taxes and for "all debts public and private." The dollar isn't a claim against the government -- it's a token than can extinguish the government's claim over you.
What does this even mean? A claim means that I can turn in the piece of paper and get something back. I can turn in my coat check claim paper and get my coat back. Under a gold standard, I can turn in my paper bill and get gold back. But we are no longer under a gold standard. What is the thing I get back with regards to a dollar?
The actual thing bootstrapping the value of a dollar is that the dollar is legal tender for paying taxes and for "all debts public and private." The dollar isn't a claim against the government -- it's a token than can extinguish the government's claim over you.