However most of this Western paper is worthless on a much more fundamental basis. Arguably, none of this paper has had value since the Nixon regime abolished the quasi-gold standard that "backed" the U.S. dollar. Since that time, any "value" in this paper has been purely implied -- almost identical to how a share in a corporation derives value. We understand, if we have the misfortune of holding shares in a bankrupt corporation, those shares are worthless or nearly so. "Secured creditors" may be able to recover some of their own losses, however "unsecured creditors" (i.e. shareholders) often end up with zero. Most Western governments are now obviously and utterly insolvent. The near-complete monetization of debt in both the U.S. and Europe is unequivocal mathematical proof of this point. To illustrate this, we must understand why the U.S. government and the eurozone have chosen to engage in almost complete monetization of debt. It's not that there are "no buyers" for this debt in absolute terms. Rather, there are no buyers for any of these fraud-bonds at their fantasy interest rates -- many, many percentage-points below any rational interest rate on the debts of these Deadbeat Debtors. Obviously, with all Western governments less solvent than at any time in the history of credit markets, interest rates should (must) reflect that much higher level of risk -- especially with one of these Deadbeat Debtors (Greece) having already defaulted. Pull out your calculators, and you'll see that if the U.S. was forced to pay 10% interest on its massive bond-debts it would be bankrupt today. If Europe's Deadbeat Debtors were forced to pay 10% interest on their massive debts, most of them would be bankrupt today. That would still be only half as high as interest rates went in the Volcker era (to "cure" precisely the same spiraling inflation we have today). Thus the U.S. and European governments are currently monetizing their own debt in order to (fraudulently) drive-down interest rates on their own, bad debts; as literally the last-ditch measure to ward-off immediate bankruptcy. Obviously if the only thing preventing the immediate bankruptcy of these "corporations" is through fraudulently manipulating the interest rates on their debt far below any rational market value, then the "shares" of these corporations are worthless (or nearly so) today.