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

I know I've overdrawn this picture a little bit too much.

The yield on the bond is 6 .

You're not a homeowner until you don't have debt.

Bonds, you become part lender to the company.

Most of it deposited over the last year.

liquidate it.

It was 1.6 million in bearer bonds.

And just to contrast this with bonds, because they are often used in the same phrasing, oh I'm going to go buy some stocks or bonds, or I deal with stocks and bonds.

Bonds together with some money was stolen.

The money was stolen along with the bonds.

There might be different debt holders who have different

I, uh, I was just going to say I've been cashing A lot of bonds lately, haven't I?

Do it anyway. Who's moving the bearer bonds?

Interesting.

And that makes sense, right?

They said, wow, this is great.

Maybe I can get 20 a year.

And to stop it crashing over the last two to three decades, we've expanded the money supply, expanded credit and debt, so that people can keep buying stuff.

I said, who gets the money?

So what happens when you go into bankruptcy?

I know it's hard to read these other 4 million guys, instead of getting any kind of cash or any kind of debt securities for having been owed this money, they'll get the new stock.

To pay off his debt,

You could do it with corporate debt.

Oops.

Nevertheless, we will be eventually heavily rewarded from doing this.

So for example, if you by a well I'll just say a face value bond of, let's say it's a thousand dollars, and there's a thousand people who do that.

This is better than buying treasuries.

You can kind of view this as the liabilities of which debt is one of them.

Morningstar type.

They go to 0.

That's better than putting it in the bank.

You ripped off his bearer bonds.

Maybe he buys his bonds back from us for 60 percent of their value.

But...

The bankers stayed with their loan recipients.

Perhaps you will be so good as to do the same for his creditors in Meryton,

And they get paid first.

Remember, this is the annual interest rate but this is an overnight loan.

Maybe it was A.

Yeah, mom, they can.

This is the debt, or the liabilities.

And I think you'll get a sense based on where I took the 5 million out of, who gets the money.

So first, a little bit of definitions.

So liabilities. Liabilities.