Backing up the Dollar's Backing
Is it not obviously, although unofficially the case that the modern U.S. dollar (no longer backed by or redeemable for gold) is clearly being backed by something—especially in light of its current strength? Whether that "something" is what remains of formerly universal "safe-haven" trust in the dollar, the dollar's privileged world reserve or refuge currency and petro-dollar status, or something else, the fact is that the dollar is currently strong in FOREX markets.
But suppose that drastically changes (for example, as other nations lobby for its replacement as the world's petro-currency) or the dollar otherwise collapses, perhaps triggering Weimar-type hyper-inflation. Against this backdrop, modern proponents of a labor-backed dollar may cite and have to evaluate historical and local experiments with it around the world, in order to state their case for an officially labor-based dollar (or other currencies).