Brendan Greeley

The problem with saying that it's fiat means that we fail to understand how important all these regulations are.

Before federal deposit insurance in the 1920s, there were about 200 bank failures a year.

After that, there are usually no bank failures a year.

And if there are bank failures, we're so surprised by them that it becomes a thing in the financial media that we've got to talk about.

How did this happen?

That used to be normal.

Banks used to just fail.

And the reason they don't fail and the reason your dollars don't fail is because we have slowly figured out what the best practices are for making sure that banks don't blow up.

If we wave our hands and say, doesn't matter, it's fiat, probably comes from the Fed, doesn't really matter, then we lose the ability to say, our dollars have meaning because there's

assets on the other side of that balance sheet.

We can look at those assets.

And if we start to deregulate, we run into trouble because all of a sudden we run the risk that our dollars might not have meaning anymore.

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Let's see if I can do this in a way that I don't run out of time.

Okay.

There is a story.

It is told in histories of the dollar that there was a count in Bohemia.

His name was Stefan Schlich.

He had a lot of silver.