Hello, fellow rebel capitals. Hope you're well. I am here with George Selgin from the Cato Institute, the one and only. George, thank you for coming on the rebel capital show. I really appreciate it.

It's a pleasure to be on this show George thank you.

Usually I'm just talking to kind of the hedge fund types and they're you know that they're kind of

knuckle draggers at the end of the day is what we call.

So it's nice to talk the phone who's actually smart and qualified.

I hope it looks that way after the show.

So you did a paper on discussion of if banks are intermediaries and how they create money.

And what I thought was most important is how they settle.

Yes. What you know I barely I almost flunked out of high school George I've never

taken an econ class or a finance class in my life.

I'm just kind of a schmuck on YouTube, just trying to figure this stuff out.

But when I was reading your paper and you were referencing some other papers

that were arguing or banks not being intermediaries.

So you called Thin Air Bank.

I could not believe that they didn't go over the settlement process because for me that that's the only thing that's the only thing that matters that's where rubber meets the

roads so on that note if you could go ahead and kind of explain give a summary of the paper and your view and then

we'll kind of go back and forth.

Sure.

Well the paper is part of a long-standing debate.

This goes back almost as far as you like.

You can trace this debate, which is a debate between those who claim that banks have to borrow from others in order to lend themselves,

which is what it means to be an intermediary, right?

...