WiM026 - Money Hierarchies with Nik Bhatia
The "What is Money?" Show
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The Great Recession of Two Thousand and Eight
There's nothing at the apex because its treasurys is debt, and nobody even in the uro dollar. It's just the loans that are on the asset side of the bank balance sheetf of the london banks. So it's trust instead of holding something like gold or bit coin, which is trust minimization. And you have this qot in your book. Where as the treasuries themselves are a form of credit, the credit worthiness comes from the assets of the us. Government and the power to collect taxes from its citizens.
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