if my interpretation of him is accurate) that a huge portion of the money supply has long been disconnected from the control of the State.

It hasnt been there in a long time, at least not with the major currencies. The Eurodollar system changed money. We were always dealing with a ledger based system, yet the Eurodollar system moved it outside the realm of CBs or governments completely. In fact, for a long time, they did not realize what was taking place.

People call it shadow banking but it is really shadow money. These banks are using thousands of forms of money they created.

Ultimately, cryptocurrency is replicating this system. The Eurodollar system is really reserveless, private bank money. We are constructing the same thing except without the banks.

It all comes down to who controls the ledger. With the Eurodollar, it is the international banking system. With crypto, it is block producers all over the world.

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