Great find, vox! One of the better "numeracy enhancing" lessons I've seen so far.
Too bad this doesn't have wider distribution, but I'll add a few.
It really is that bad. And what's funny is he really didn't have to get into the unfunded mandates to get there.
Stack! And not just gold. The boy scout motto rules. It's not just for you - others will need your help, and most of us would agree it's better to feed them than have to shoot them. - or just watch them die.
On the other hand, it's all fake anyway - we decry "bits" money as fake, so why not bit debts? Just declare a reset...or not. Of course, those who'd be doing the declaring would call those debts assets, and that's the real crime here. So pretty much any variation on that theme is out.
Sigh, dupe quote, but it's germane.
At least once every human should have to run for his life, to teach him that milk does not come from supermarkets, that safety does not come from policemen, that "news" is not something that happens to other people. He might learn how his ancestors lived and that he himself is no different – in the crunch his life depends on his agility, alertness, and personal resourcefulness.
Be careful what you wish for. This is exhilarating for adrenalin junkies. I used to be one. Getting old ain't for sissies, however.
Edit: (boy it's fun to have a glass of Jamesons)
The only thing that can fix this for the status quo - and there's a lotta smart, energetic (if not very moral) guys who want that - is for all the major holders of both sides of a hell of a lot of paper to decide, like Kyle says, "good-good?" - and just fuggedabout it. You didn't think you were going to get a free house out of a reset, didja? That's not the problem, it's the excuse for hundred(s?) of tril of OTC derivatives. You might indeed get a house, but that level of reset ain't going to be worth it - you'd have to defend it to claim you own it - which means if you can do that, it may as well be *any* house. This does not sound like fun in my worldview. Yeah, the SQ can also try to inflate their way out, but even that can't work, though it seemed like a nice glib solution at first (no matter who it hurts). You can't do that fast enough to handle the maturities (re: rioting and real dislocations). "Borrow short, lend long...". There are several other pits of deep doo-doo out there.
But you know what? A lot of it is theoretically forgivable without major issues IF (goodluckwiththat) people agree without gaming it. OK, we sold this paper, spent it on hookers and blow, the money's gone - but we bought similar paper from you, so why not just decide to net it out - aren't they all bragging about net being a heck of a lot less than gross?
So, pretend it happened, and net those suckers out - close the trades now. Take some pain - if anyone at all is telling any truth.