The introduction of the fiat dollar, right after the federal reserve, was argued, that an underlying commodity is "really not necessary". I tested this on the economics teacher when I argued in that above stately fashion that a fiat currency too is really not necessary, and I suffered disasterous consequences. So, here is a question. If a commodity can raise a currency, then can a currency raise a commodity? I plan to argue to him, that fiat creates its own commodity, and that commodity is the number of people that you can put away if you wish to do so. I.e. fire power, prison capacity, refugee food management. Why would otherwise every citizen agree to exchange anything they have for nothing but printed paper? Especially if that paper is printed freely sometimes more sometimes less, plus it is freely and randomly invented how much of it you owe at any time? So, I would like to argue, that the fiat has completed the circle of human civilization, and has returned the freely migrating prospectors back to feudal land bondage. See if you get a visa to any country that is more than just a tourist visa. Unimaginable in the 19th century. Your take?