If "real value" is subjective, then it's real from some people's viewpoint.  Everyone needs food, but not everyone agrees on a specific dollar amount for a loaf of bread.  "Real value" essentially means something is necessary, but there's no universally agreed-upon price for any product. 

You've also deliberately overlooked my question about what occurs if the government becomes corrupt, printing money out of thin air, and granting them to themselves—a scenario that's entirely plausible given the corruption associated with those in power.  What do these dollars signify, when there's no debt recorded?