But think about what's happened since 1971.

You can sell shares.

Bellwether signs again.

Bonds were issued to finance a war.

Credit

Credits

Credits

Bonds were issued to finance a war.

Credits and Licenses

Credits and License

Now let's say that Company x has also borrowed some money.

Credits and License

Credits and Licenses

Republic credits?

I bought it on credit.

They might have issued maybe they issued a million bonds where each of those essentially represent a debt of 80.

Please, to credit.

Cash or credit?

Over at an escrow company

The government announced that they would pay their debts.

A common way to finance a budget deficit is to issue bonds.

About KPilot. Credits.

Credits will do fine.

that rectangle is much larger than it should be relative to 1,000, but I think you get the point then I'll do I'll have a liability here that says five gold pieces bank note outstanding.

The proceeds from the bond issue will be used to finance the budget deficit.

Well let's say, 2005, in our imaginary universe was the peak of the credit cycle.

Can I pay on credit?

What I'm squaring off in blue, that's the

They said, wow, this is great.

We're really excited to be partnering with Duke

This could have been a straight debt from a bank, or this could have been via a bond issue.

Given a high level of bond issues, the cost to service them will increase.

Cash or charge?

Instead of all of that we thought there is something new needs to be invented.

So this is essentially you have the government, you have the government, it has two sources of revenue that it can spend it has money from taxes, it has tax revenue, and then it can go out and borrow money, and so it also has access to debt markets.

But this I just want to show you some data here.

You can pay with Visa, Mastercard, American Express, Paypal, and more.

Grab the bonds!

Do you honor this credit card?

I owe the bank 750,000.

I'd like to freeze this bank account and cancel all existing cheques and lines of credit.

It might have been structured so that Corporation A right here, before even issuing the bonds, they include this insurance with the bond.

And we talked about that if the Fed or the reserve bank wanted to increase the money supply, it could essentially just print new notes and it would have offsetting notes, outstanding liabilities, and then it could use those to perform open market transactions and it essentially allows it to grow the monetary base with the economy or with the needs of different projects out there so that those projects happen.

So first, a little bit of definitions.

I have to write that down. or 80,000 mortgage.