Brendan Greeley

Your mortgage is a social convention.

And somehow, when the subject comes to money, we're back in a dorm room with Joe at 2 o'clock in the morning going, who knows, man?

I think we 100% agree.

OK, great.

But the details of that system, I think we should not be scared of those details.

Yeah, OK.

And I think you also run into a problem.

I would say this because I'm training as a historian now.

But you run into a problem when you think of the Fed as the origin and the protector of dollars, which is that we had dollars in the 19th century before we had a Fed.

And they kind of worked.

They blew up every once in a while.

It's better to have a central bank.

But it's not as if dollars were completely valueless.

And I think historically we run into a problem because we're not precise about what backing is.

I think we think now that backing is just gold or silver.

That's not the way they thought about it at the time.

There was backing, which are the assets that sit on the other side of this ledger.

And then there's redemption, which is can you redeem it for gold and silver?

So when we stopped redeeming financial dollars for gold and silver,

The backing didn't go away.