Post
Topic
Board Economics
Re: USD is backed by the fact that IRS only accepts it for taxes...
by
LegalEagle
on 30/11/2012, 20:46:59 UTC
The US Dollar is legal tender, which means that you are legally required to accept it for the repayment of debt.  Failure to accept it results in a breach of contract.  This also adds some "intrinsic" value to the US dollar.

Note:  This does mean you are legally required to accept it as payment for goods or services, including credit extended for goods or services.