The American Dollar

According to Graeber, American debt is international currency. International currency is American debt, grown from desire for power. The value of other currencies necessarily plummets by the nature of the arrangement to tie all currencies to the value of the American dollar. In effect, to use a currency that is tied to the USD is to devalue one’s native currency. "To buy American debt is to buy the purchasing power of the American people and the military power to enforce national behaviors. China doesn’t need to build its own military because they have ours."