Chris Olson
👤 SpeakerAppearances Over Time
Podcast Appearances
You've eliminated essentially all counterparty risk.
So you're the one who knows.
It's actual wealth delivered.
It's not a claim on wealth anymore.
It's not a hypothetical.
It's not some paper certificate that says I owe you this or we promise that you have this here.
We promise.
We promise.
And you can trust some people's promises.
There's always trust involved in a system.
But there are other promises that maybe you shouldn't trust.
So you want to de-risk a little bit.
But once you have it in your possession, that's wealth delivered.
It's no longer a claim on wealth.
It's a settled debt.
You know, if you look at, say, Federal Reserve notes, the Federal Reserve notes are not actually wealth.
They're notes, which means they're debts.
They're debts of the Federal Reserve.
They're a claim on the assets of the Fed.
And so whenever you pay somebody with a Federal Reserve note, you're not actually settling your debt to that person.