for all obligations, public and private. That's the government saying, if you pay a debt, whether it's taxes or a debt owed under a contract using dollars and you satisfy the terms of the contract by paying in dollars, well then a court of law will deem that contract to have been fulfilled, which is not true if you say, well, I'll tell you what, I'll pay you in gold or Bitcoin or something else. That's not legal tender. So this whole edifice of laws and commitments that the state makes that give us as individuals or companies or lenders or borrowers or whatever, that the money that we are transacting in is good. Yeah, so there are two competing histories here. One is the history of the dollar's internationalization, which we're going to talk about. But we've been talking about so far as the history of the federalization of the dollar, which if it's not already obvious to people, this is a process that was not linear. It went through of course the period of wildcat banking, which was a (23/45)