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Sure, but if they wanted to become cheaper, the obvious way is to lower the price :-)
Besides, we're talking about two different entities here. Say government devalues the peso so it's worth half of its previous value. Why doesn't every widget manufacturer immediately respond by doubling the price of widgets?
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Ultimately, that will happen automatically over time. The intrinsic value, or even the market value of an item is not related to its price. The manufacturer will either have to double the price of the widget or take a financial loss in selling the item. He cannot produce more at the same price with a currency that has lost half its value, compared to other international currencies.
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Not to mention that if I was an international banker loaning money to governments, I'd make sure the repayments were in dollars - or better yet, Swiss francs.
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That is indeed the point. However, it is a matter of degree, or "compared to what?". The US dollar is backed by nothing - except the government's 'promise to pay'. But when compared to a third world nation issuing pesos, the US looks strong, because of its status as a superpower.
As you said, "better yet, Swiss francs". Any currency backed with precious metals to any degree is more stable that one that is backed with mere promises.