Jeff Snyder

It's not just a thing about flipping one currency to another.

You think the dollar needs to be ditched?

Yeah, your dollar system needs to be replaced.

With what?

Something else, hopefully a private currency, but that's way down the road.

The point I'm making is that most people don't understand what a reserve currency is and what it needs to do.

And understanding what a reserve currency needs to do and what it is, you understand why the dollar sticks around as long as it has.

It's not going to be replaced tomorrow.

It can't be replaced tomorrow.

No matter how much many other people might want to try, it is not happening.

It's not going to happen anytime soon because a reserve currency has to do tremendous amounts of things.

And the way that it actually takes place is – it would be like – the analogy I always use is –

Say you want to build a new internet that's better and faster, but you have to do it from scratch.

You have to put in new wires, new hardware, new software.

You have to do everything from scratch.

That is replacing a reserve currency.

You have to rebuild the internet.

It is literally impossible.

That's where the Eurodollar came from.

It solved Griffin's dilemma.