Peter St. Onge

But at that point, as an individual, you have, you know, two options.

You can sit it out and bitch about it, how, you know, the rich get rich and here I am, or you play it.

Well, the Fed specifically is a banking cartel.

And, you know, the way that it worked in the 1800s is that banks would so banks on their own cannot counterfeit because you'll have a bank run and then the bank goes under.

And in the 1800s, if you went bankrupt, then you had to go to debtor's prison.

So we should bring that back.

But since that's not happening, like for real.

That we should bring it back or that debtor's prison.

I think it's an interesting concept.

You would definitely have less innovation.

You would have fewer startups in Silicon Valley.

It's a fascinating question, and you do have trade-offs.

In the debtor prison era, companies were, without a doubt, they were more careful.

I think you can make a very good case for reintroducing debtor prisons in banks, because banks are supposed to be safe.

Right.

When grandma puts her money in the bank, in her mind, she thinks that the money is sitting in a vault somewhere protected by steel.

Actually, the money immediately went out the back door to a hedge fund in Argentina where it's leveraged for X and it's all backed by bailouts.

I mean, it is it is vile.

So, yes, in the case of banks, I think you probably do want.

debtors' prisons.