I cannot do it. It's unconstitutional.
We're talking about rolling out e-coin loans. I fail to see how the Constitution fits into this logic. Look, with e-coin equal to one dollar, it'll free up the economy. It'll give you some breathing space.
You knew this was going to happen from the get go. And you're hitting me with this while there's an energy crisis across the eastern seaboard.
[shrugs] Uh huh, I am coming to you first, asking...
Don't give me that. The only reason why you're here first is because you don't want to get slapped with regulations. But if you are indeed asking, then I am saying no. Now, constitutionally, you can't make your own currency. That is the federal government's job! [pounds the table] We simply can't let you make big loans in e-coin that you wouldn't make in dollars.
[sighs] Jack. Look at me. I am not the problem here. The problem here is hard cash is fading rapidly. It's just the way of the world right now. And Bitcoin is spreading. And if Bitcoin takes over, we are all in a world of hell. It is unregulated. It's already reached its transaction volume maximum and it is partly controlled by Chinese miners...
You just accepted two trillion dollars from them.
Yes, yes. And now I want to use it against them. [smiles] With e-coin, we control the ledger. And the mining servers. We are the authority. I will make sure you have visibility into every single wallet that's opened. Every loan, every transaction. Which means we can start making new assets, which means we can start rebuilding the banking sector, without your having to inject even more politically unpalatable federal funds into it.
The president will laugh in my face.
But you know this is the right thing to do. This is going to be controlled by a good old fashioned American company. You want to regulate it, be my guest. Regulate the shit out of it. I'll give you backdoors, side doors, tracing...whatever you want. Just don't shut it down. [pause] This was always the future Jack. The 5/9 attacks just accelerated it.
[pause] How long? How long have you been pressing this pedal? How long have you been plotting against me?
Oh, come on, Jack. [laughs] We've known each other for years. You know full well I... I don't give a shit about you. So please, don't hold a personal grudge just because you lost. Defeats can still be profitable.
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