He talks about multiple currencies but has not talked about who controls those currencies, it may be Libra, Amazon coin, e-money, USDcoin (US blockchain coin).
The most important part is that it is under the control of the Fed (Direct or indirect way.)
he seems to be drawing a parallel to the free banking / wildcat banking era, before federal banking regulations existed....before the fed existed. different banks would issue notes against gold, silver, etc and reserves/liquidity were governed by state regulations.
the fed and federal regulations would inevitably still regulate banks in this scenario, but the fed would have much less control over the monetary supply. they wouldn't unilaterally have the ability to print money out of thin air anymore.
if they engaged in money printing (eg by lowering reserve requirements), the banks that took their liquidity and worsened their fractional reserve would be recognized as such. their notes would be the poorly backed "wildcat bank" notes of yesterday. the market may not value them at face value, and they could face liquidity crises and drops in value like tether.
