Brendan Greeley

All of a sudden, that's a different kind of dollar because it doesn't clear at par because you've got to take a discount at the check casher.

Okay.

But my frustration with this idea of fiat is that it robs us of the power of analysis.

We can understand money.

We really can.

For almost all of our money sits, as you guys already pointed out, on the ledger of a commercial bank.

It has value for two reasons.

One, the assets on the other side of that ledger have value as well.

And we can look at them.

We can tell, you know, are those good assets?

Are those bad assets?

And the reason we know what the assets are is because America has this 250 year tradition of bank failure.

And after every systemic bank failure,

We introduced new regulations, new way of reporting what's on the bank ledgers, the idea of a control of the currency followed the panic of 1837.

We slowly figured out how to make sure that banks don't blow up.

The FDIC, after the panic of 1932, you know, I really honestly believe that of the great things that America has produced, it's, you know, the great American songbook, country music, barbecue, and a vast pool of federally insured dollars.

We had several, look at Joe.

Joe's on board.

We need an FDIC.

That's good.