Brendan Greeley

The response, a more political Fed that feels a responsibility to make sure that banks are safe and the dollars are safe, and federal deposit insurance.

I always say, like, the amazing things that America's produced, like, if you were going to list them on one hand, you'd have, like, barbecue and the Great American Songbook and probably jazz and federal deposit insurance.

No one else in the world has this.

The Eurozone does not have this.

A vast pool of federally insured deposit dollars.

This is the framework that gave the dollar value.

And it's the state slowly claiming sovereignty over the chaotic practices of private banks over time.

The dollar has value because of this framework.

That's what made it work.

Again, we had to chase it down.

We had to decide regulatory move by regulatory move that we were going to be sovereign over the dollar.

And then we've got to hold on to it.

a responsibility for all these dollars that it didn't actually create in the first place so i'm going to make an important distinction here because your numbers are absolutely right you know the bis estimates that there are 14 trillion euro dollars in the global system so you know we're talking comparable as you point out to dollars produced in america the uae did not ring up the fed they rang up the treasury

The Treasury also has its own swap lines.

But one of the things the Treasury has been making clear because they also offered a Treasury swap to Argentina in the case that Millet's party won parliamentary elections.

So Treasury swaps come with strings attached.

The administration has made clear, yes, we control the Treasury.

We don't necessarily control the Fed, but we've also got our own little swap lines.

We can jump in and help you, comma, but.

And there's a number of things that come after that, but.