Brendan Greeley

And so in this case, the Federal Reserve is doing a thing that we think is diplomatically important.

We have so many forms of dollars that we have to be specific about what we're actually taxing and what we're actually spending.

And what the United States is actually spending out of the Treasury General Account is bank dollars.

Those dollars were created in commercial banks.

They were taxed in or they were bought in.

I can hear MMTs right now, just the heads exploding everywhere.

But I really believe this.

When you look at the accounting, it's very clear.

The Treasury General Account of the Fed takes in money through taxes and it takes in money when it sells treasuries.

And then it spends it back out into the economy.

So it's specifically bank dollars that have meaning.

So, yeah, it has meaning that you have to pay your American taxes and American bank dollars.

But those bank dollars don't just have meaning because they're taxing in bank dollars.

They have meaning for all the other reasons that we've talked about.

All the bank regulations, the federal deposit insurance, country music, all of it, like, are what give the dollar value.

So I think this idea that you're just... And this, by the way, so...

People who believe in this theory of money really like to point to colonial monies.

So most of the colonies, eventually all of them, had their own forms of paper money.

And they did, in fact, print them up.

And they did, in fact, tax them back out.