Nathan Tankus

speaker

348 appearances 2 recordings 1 series first heard Feb 2025 last heard 17 Jul

Nathan Tankus’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Odd Lots · Lev Menand and Nathan Tankus on Why Fed Independence Is Now Hanging by a Thread · 17 Jul 2026 podcast

But a lot of people, a lot of smart people at the time, looked at this and went, well, wait.

we're banning the states from issuing bills of credit, but they're allowed to charter banks that looks like they issue bills of credit.

And this was a huge Supreme Court concept because there are people who are arguing

you know, uh, a treasury secretary Crawford was a treasury secretary during the world for 1812 would say when he was a Georgia, uh, Georgia Senator, I believe it's Senator, maybe Congressman, um, that, you know, what, what someone does, they do by, you know, what someone does by another, they do by their own hand.

So they don't have the power.

Essentially if they don't have the, if they don't have the power themselves, they can't delegate the power.

Okay.

And that's the idea of like with,

giving state charter banks the ability to issue bills of credit, you're delegating a power you have no right to delegate.

I'm not making that claim.

What I'm saying is that there's a lot of historical evidence that

uh uh chief chief justice joseph story or justice story uh believe that was the case but thought it would be too destabilizing to do it because you would then just buy fiat eliminate the main monetary medium for the country by knocking down as unconstitutional all the all the state chartered banks and instead

They find some flimsy justification for why these things aren't bills of credit.

And there's evidence that seems to be that he would say this stuff in correspondence with Daniel Webster, who would write it in his constitutional writings.

But it was a kind of like surreptitious.

We all think this, but we can't really say it explicitly out loud so much because it would destroy the antebellum American monetary system.

What you just mean is that necessity trumps law.

in certain circumstances.

Or necessity becomes substantive law no matter how much people think they're formalists, even back two centuries ago.

Well, he's already pursuing it.

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