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"T-Bills are backed by fiat currency, not by a commodity."



TBills just bonds. They are 'backed' by the US Governments credibility to pay back the loan.

USD is generally backed by an asset - fractional reserving not withstanding.

Think about it again. You said T-Bills back currency today like gold used to, but that's not true. T-Bills are just notes to pay back more dollars. So it is dollars backed by dollars if you really are honest about your statement that USD is backed by an asset.

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