Peter St. Onge

The idea being that there's all this money in there that if anything goes wrong, you know, and of course, the government doesn't have any money.

The Fed doesn't have any money.

What do they get it from?

So it's printed money.

But at any rate, so the idea was that the Fed was going to replace these sort of ad hoc suspensions.

And they were going to do as a cartel.

So everyone was going to grow at the same rate.

And so, you know, we were going to use fractional reserves so that everybody could effectively counterfeit in proportion to how they were to how big they were beforehand.

So it would be like it'd be like if you wanted the government to take over the car industry and you said, OK, so.

It'd be hard to do with cars.

But you're giving a third of the control of the new Department of Cars to Ford.

You're giving a third to, you know.

And so that's effectively why the Fed used fractional reserve.

It basically split up a cartel so that all the major banks got their share.

But, right, it's a counterfeiting cartel.

It's unconstitutional.

The only monetary role in the Constitution is that the government is allowed to mint gold and silver coins very specifically.

And they can't be fraudulent.

They actually have to contain the gold that it says, which is regulating the money supply means making it regular.

In other words, if you say it's not a goal, it has to be a goal.