intermediate yes the problem we get into is you know banks maybe not are maybe aren't the perfect way to intermediate and money and credit in an economy and it's you know they add their own layer of complications yes on top of what is supposed to be you know a direct relationship between money and commerce now we have finance in between right that gets even more complicated and more interesting so he said yes yes and then you yeah yes the political aspect is where it gets very complicated and that you know it i think it introduces right there what most people in our position nowadays think is the worst part of it which is the rent-sinking behavior of of the financial system yes and that's really where it comes from from this privileged position of we're intermediating between money and commerce and we kind of need that to happen yes but there's that downside that you know especially of late they've taken real advantage of yes yes yes okay no all right that's a great point i think the original purpose of banks is an excellent point too that it's effectively matching maturities and credit assessment between savers and borrowers so it's it's it's reducing frictions in the marketplace so that we can fund viable projects hey everybody as you've no doubt learned by watching this show bitcoin is the single most important asset you can own in the NUMBER_TOKENst century and one of the most important companies in bitcoin today is knightig knightig's mission is to get bitcoin into the hands of as many people as possible one of the ways they are accomplishing this mission is by empowering banks and financial technology companies to offer their own bitcoin products and services as a true game changer in the industry naidic is safely unlocking the power of bitcoin for forward-thinking individuals and institutions alike led by robbie guttmann yenzel and ross stevens nydig has absolutely exploded onto the bitcoin scene recently and has quickly become a leader in this space so whether you are a professional investor looking for asset management services or a company looking to white label your own bitcoin product or service consider nidig your single source solution for everything bitcoin so we have then the federal reserve incepted after the NUMBER_TOKENth century was a little bit messy we had a number of these issues that you described federal reserve incepted in NUMBER_TOKEN i believe right yeah they started talking about it in NUMBER_TOKEN they came up with something called the aldrich plan which was originally looked a lot like the clearinghouse uh networks i just talked about yeah they changed a little bit and decided that uh NUMBER_TOKEN NUMBER_TOKEN they would vote on this federal reserve system okay have to ask sorry they previously called the federal reserve because they knew they couldn't sell central bank or bank united states number three to the public yeah it had to they had to take the marketing into consideration right the optics would be um so i have a lot smarter back then i have to ask you here if you have any thoughts on the work of g edward griffin and the creature from jekyll island about the inception of the fed yeah there's a lot of that you know paul uh paul warburg for example who comes up a lot not just in that book but you know if you read any of the primary source material no he was a jp morgan's agent and there's there's a lot of self-interest in how the system was
START_SPONSOR_TOKEN hey everybody as you've no doubt learned by watching this show bitcoin is the single most important asset you can own in the NUMBER_TOKENst century and one of the most important companies in bitcoin today is knightig knightig's mission is to get bitcoin into the hands of as many people as possible one of the ways they are accomplishing this mission is by empowering banks and financial technology companies to offer their own bitcoin products and services as a true game changer in the industry naidic is safely unlocking the power of bitcoin for forward-thinking individuals and institutions alike led by robbie guttmann yenzel and ross stevens nydig has absolutely exploded onto the bitcoin scene recently and has quickly become a leader in this space so whether you are a professional investor looking for asset management services or a company looking to white label your own bitcoin product or service consider nidig your single source solution for everything bitcoin END_SPONSOR_TOKEN