Byzantine @Byzantine - 12d
The United States dollar is not owned by the US. It is a private currency owned by the US Federal reserve which is a private institution. USDT is a private currency owed by the tether corporation If you live in the United States, you are paid in a private currency every day in the form of federal reserve US dollars. You can use a private currency to pay your taxes and you can take out loans that are payable in that currency from all US banks. Tether directly competes with the federal reserve dollar, which is a product of the US federal reserve. US treasury bills back tether in addition to other assets. Nothing backs the US dollar except the legal history of being able to pay your debts with it, and the usefulness of its function within the banking infrastructure. Tether is directly aligned with the United States treasury department. The federal reserve is in direct opposition to the United States treasury department.
Byzantine @Byzantine - 11d
you are correct. loans create money on the ledger (of a bank) but the money is a federal "reserve note" not a USDollar and the "reserve note" like tether is a private currency here is a good example https://youtu.be/rVeYGREnFIk
Minor correction: there is no US dollar any more. There are only US Federal Reserve Notes All references above to the US dollar should say "US Federal Reserve Notes" https://youtu.be/rVeYGREnFIk
very true you don't even get the private currency federal reserve note unless you try to withdraw the JP Morgan bucks from your checking account
