This meant in effect that all national currencies were henceforth, as neoclassical economists like to put it, “fiat money” backed only by the public trust.
Note our experience in Argentina which had a nearly 100% rate of inflation and we were told people would try to convert their pesos to dollars because the value of the dollar would hold its value. Also the issue with gas stations forced to sell gas at a set price which did not allow the stations to make money. The stations closed on weekends creating long lines at the few that stayed open.
