[dnautics]

so, when the US had no income tax, this was not even the case for the median american. Yet the dollar still had value!

[arcticbull]

My list of big demand drivers isn’t exhaustive and applies more to the current system than to the gold standard system of the past you’re referring to. Under fiat, the top marginal tax rate was over 80-90% for much of the time.

[sudosysgen]

The US dollar was backed by gold at that time. That's where it had it's value.