Brendan Greeley

They sit on this regulatory regime, which was still there despite constant attempts to chip it away.

I also think that it's impossible to compare any other asset in the world to a treasury.

Almost everything that's on the asset side of the Fed's balance sheet is a treasury.

And the American economy is productive, and the American federal government is going to continue to have the ability to take in taxes in bank dollars, which then give treasuries meaning.

There's nothing else comparable to the volume of treasuries, and there's almost nothing else comparable to the security of treasuries.

I don't think the Fed is irrelevant.

I don't think America is irrelevant.

What I'm pointing out is one of the reasons that the dollar is global is because Americans over the course of the 60s and 70s said, go ahead, make your own dollars abroad.

We're not going to stop you.

They sort of allowed this system to bloom all over the world.

And then and only then was the Fed made responsible for those dollars.

I'm trying to invert the production of money.

The economists started at the Fed.

It starts everywhere.

And I think that central banks, we have central banks because we need them.

Because banks are so important, we need our own big bank to do a job for us.

The original goal, the charter of the Bank of England,

Its original purpose was to carry on the war against France.

That's all it was supposed to do.

The central bank is just a big bank that does what we need it to do.