The first level of currency is the US Treasury bonds.

The second level of currency is the Federal Reserve.

The third level of currency is the national debt issued by countries around the world.

The fourth level is the private bank.

The fifth level is the money used by ordinary people at that time, which is also called deposits. Later, as the power of the Federal Reserve became more and more powerful, the over-issuance of currency became more and more serious, and we had the monetary system we see today.

The first level of currency is no longer gold. Gold has no major insurance relationship with currency and the money we use now, but directly became the Federal Reserve, and then the national debt and banks of various countries.

The second is the deposit of this bond.

Ha, at this time you can look at the first picture of the program manuscript, and you can carefully taste how the information of our current currency is layered.

In fact, this is already the norm of the current financial system. Then based on the Federal Reserve, the unlimited rescue through various situations has caused this kind of moral hazard. Bhatia believes that.

In the case of system destruction, the Federal Reserve actually has no choice. The lack of trust between the United Kingdom and the United States is only the core problem of the financial system.

So in March and April last year, when the coronavirus was spreading around the world, banks stopped lending to each other in wholesale money markets. They also stopped lending to each other in repurchase agreements. $BTC $ETH $BNB