Since the world came off the gold standard in 1971 (because of the US) there hasn’t been anything physical that works as the underlying colateral of every dollar. He’s arguing that the colateral are now central bank reserves which are dollars that pass from banks and commercial banks to settle up with each other. You and I use commercial bank money when we pass each other money but banks and Central banks use reserve money which is a closed loop system that you or I can’t access.
We need more Jack's Mallers in this country
Go Jack!
Let it work ‘fairly’ already!!!
🙏🏾
Jack just keeps winning. =D
Early B adoption. Hehe
And that's a Fact, Jack...
Can someone please explain the theory behind JACK's comment: "I've never held a dollar because I've never been in the Federal Reserve."?
Since the world came off the gold standard in 1971 (because of the US) there hasn’t been anything physical that works as the underlying colateral of every dollar. He’s arguing that the colateral are now central bank reserves which are dollars that pass from banks and commercial banks to settle up with each other. You and I use commercial bank money when we pass each other money but banks and Central banks use reserve money which is a closed loop system that you or I can’t access.
@@planestrainsandbuggies Many Thanks!