That's a simplified way of looking at it.
What happens when the UK doesn't accept that the US's $1000 is worth $1000? Back during the days of the gold standard, the value of the dollar was pegged to the value of Gold. That's since been abandoned, so it's all on trust.
Which again, is no different to crypto. At least with crypto you can see the working out.
Biting the hand that feeds IT
