SB: That's right.
Rob: So it makes me think of JFK and what he was trying to change which lead to him being assassinated. And I don't think there are many people who think it was Lee Harvey Oswald anymore.
SB: No it doesn't really work that way.
Rob: Yeah, but so now you're talking about creating sovereign money. Who would be, what organizations would resist and attempt to stop that from happening?
SB: Well, certainly the banks because the banks literally make money on creating money. That's what interest is for. So they wouldn't want their monopoly to be ended. And people who own treasuries and make money that way. They're basically renting money to the country and collecting interest for that action. So they wouldn't want it either. No, I have it from the people who have actually somewhat support the status quo, but nevertheless recognize that, Modern Monetary Theory folks... I'm just, saying that's a school of thought. So the Modern Monetary folks basically say the treasury market is an obsolete anachronism, especially since 1971 when we went off the gold standard and we became a pure fiat economy. So they say.
Rob: Now you're using language I don't understand, and I'm going to assume some listeners don't understand.
SB: Okay, a fiat economy just means basically there's nothing backing the money. So until 1971 we still had, at least on international scale, we had a gold standard. That we were taken off...
Rob: Well, wait, wait, take a step back. I want you to take a step back because you started saying that the banks would oppose it and then Modern Monetary folks say that, pick up from there. What Modern Monetary folks say.
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