then that America had a central bank. All the major European powers, Britain had the Bank of England, the French had the Bank de France, and so forth. And some great stories about how in the process of creating this central bank, American lawmakers went over to Europe to ask for advice about how to create one. And the Europeans said, just do it. I mean, it's so stupid that you're the world's now the world's biggest economy. Why don't you have it? Didn't they send Paul Warburg over there? Wasn't he sort of the guy that led the project? Yes, absolutely. Paul Warburg, who is really in some ways the most crucial figure, but Senator Aldrich and the other members of Congress who were eventually responsible for the legislation. But when you have a central bank, I mean, it's called that for a reason, because when you convert what is really private money, as you call it, JPMorgan Bucks, when you have money deposited at JPMorgan, it's just a liability of JPMorgan to you. Now, it's backed by law. (20/45)
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