Stephen Colbert: Does crypto make sense to you, and on this level? People like Ron Paul would say, after the United States dollar went off of the gold standard, under Nixon, I believe, that we're now a fiat currency. Things are worth what they're worth because we said that it's worth something. "It's backed by the full faith and credit of the United States," whatever that particular phrase, that term or art, may mean. And so, is crypto, where I create a widget that spits out a coin that I declare a value and then that number of those sets a capitalization for all that crypto out there and then people get invested, so that $20 million now, people say, "oh, that's worth $100 million," and all of that is created out of nothing. Does that make sense to you, because there is no inherent value to the actual item itself?
Janet Yellen: I've been pretty skeptical at the outset about what the value of crypto would be to the real economy.
Colbert: But because the United States has a fiat currency, is the dollar make any more sense to you than crypto does?
Yellen: Yes, the dollar makes a lot of sense to me.
Colbert: Why?
Yellen: Because it's a natonal currency, it's well-regulated by the Federal Reserve, it has a clear mandate and people who are accountable to the public and to Congress to maintain the goals of the Fed, which is maximum employment and low and stable inflation, price stability.
~ Janet Yellen,
appearance on
The Late Show with Stephen Colbert, 6:20 mark, December 1, 2022
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