Brendan Greeley

That's not enough.

The coin sat on the edge and could be redeemed on demand or the note could be redeemed for the coin on demand.

What actually gave the note meaning was the balance sheet of the bank.

The bank made loans.

It made loans to farmers or made loans to merchants.

And those loans were productive, right?

If you had a reserve of silver, but crap loans, your reserve was meaningless because it was going to run out immediately.

So the coin sits on the edge of this.

It doesn't sit on the bottom of this money.

Coins are important.

And there are traditions of money that say,

The chartless theory of money says it's just a ticket that the nation spends into the economy and then taxes back out.

I don't think that's true.

But coins matter.

They existed.

We had them for a reason.

But the coin sits on the edge of this transaction.

It doesn't sit underneath of it.

And so slowly, as we went through regulatory response after regulatory response to different crises, we made the monetizing of these assets stronger.

It becomes easier and easier to say, this is a farm.