For Five thousand years of global history gold was money. Written language is only about 5000 years old so it's hard to know much beyond that. In 1971 Richard Nixon ended that system and replaced gold with paper backed by the force of the US Military and the faith in US Financial Stability.
Paper gave way a few years later to Electronic accounting, where it currently resides. The electronic global money system, however is still backed by the might of US Military the faith in the stability of US Financial System.
By extension the Global Financial system is a Financial alliance between the US the European Union, Britain and Japan. But the US is still by far the largest and deepest market So the stability of the US Financial System is paramount.
How stable is the US Financial System?
The answer is twofold. First you must consider the stability of the US Political System, which came close to being toppled on January 6th of this year. Perhaps not perilously close. But the violence, anger, hatred the fueled that insurrection is alive and stronger today then it was a few months ago. That same anger is also alive in Europe. And it is fueled by the massive disparity in global wealth.
The richest 1 percent own half of the world's wealth while the bottom 50 percent own 1 percent of the world's wealth.
How stable is that?
The next question is how stable is balance sheet of the United States? And How stable are the US financial markets?
That's an incredibly hard question to answer.
The US national debt is about 29 trillion dollars and growing at about 5 trillion dollars a year. While US GDP is about 21 trillion. That sounds like it is moving away from stability