Yes. And after 2 or 3 generations of debt-ridden people waiting for the next Fed.gov handout, and subject to the social policy of Fed.gov funded educators and community organizers, what kind of electorate will you have?
If this monetary system lasts “2 or 3 generations” past where we are right now, it’ll be a first for an unbacked system in about 2000 years...
IMO, the only reason it’s squeezed out a decade or so beyond the average failure of a currency after losing all backing is solely due to the fact that the majority of what is being generated is continuously siphoned off into a vast quantity of arcane computer managed financial instruments and stock trades. As soon as any quantity of people involved in those feels it’s time to pull those dollars out into the real world, s*** is gonna get weird.