You can sell shares.

Bonds were issued to finance a war.

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

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

Bonds were issued to finance a war.

So that's bankruptcy.

You go get bankruptcy protection.

They serviced the loans.

Bellwether signs again.

So that's what we're going to show you in the presentation on collateralized debt obligations.

That's where the 1 billion comes from.

Of course, if enough people start defaulting, even these people start to get hurt.

And so when the Federal Reserve or any Central Bank prints money, and it buys debt, it goes out into debt markets and it buys it, it usually buys the safest kind of debt, but that affects all of the debt markets, it goes out and buys in the debt market, they're essentially shifting the supply curve of money to the right, they shift the supply curve to the right.

You're still solvent.

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

So I really do have a positive equity of 11,000.

The bank was profitable.

So it buys, it buys debt.

So they all deposit their 1,000 gold pieces into my bank.

They would actually owe this extra 1 million.

Payable to the City of San Francisco.

And they've actually issued a pilot's license a powerlift pilot's license for this type of aircraft.

External debt something that I can tell you a long story about because I personally worked on one of the biggest debts on the continent has come down dramatically.

It could be debt, it could be payables they have to pay some other vendors.

Have a surplus? Take two tax cuts, roll back some regulations and call us in the morning.

Now let's say it gets even worse.

You have 189,000 as the value of this equity.

We would just know that there is a 20 chance.

Helps bring it down.

And just for the sake of it,

So all ended up inside the Special Purpose Entities .

Well everyone knows that it's not going to be exactly 10 .

This guy, he does have interest.

So where does this lead?

But unlike mortgages, a lot of corporate debt, they just pay the interest.

So we still have the same amount of debt.

A national manhunt has been launched and stopandsearch procedures have been instigated right across France.

So, each of these is an investor.

And this is what this mortgage backed security market allows.

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

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

It allows let's say this group of borrowers let's say this pool of borrowers right here actually didn't

Our borrowing costs were skyrocketing, and we were facing possible default.

We would create incentives for securitization.

It can do it through debt or equity.