In the article referenced, Philip argues for trust in CBDCs, using the Irish pound (the punt) as an example—claiming it derived value from government regulation & trust in the Central Bank, as it wasn’t backed by gold. The chart below shows the punt’s real value in gold from 1927 until the Euro launch. It lost 90%+ of its purchasing power, dropping from ~0.01 to 0.001 troy ounces of gold per punt—a 10x debasement. Trust is lost.