And what is required is a combination of physical capital, institutional capital, human capital and security, of course, is critical, but so is information.

The advantage the country had was human capital nothing else but human capital.

But essentially what happened is the investors in the mortgage backed securities provided the money to the special purpose entity to essentially loan to the borrowers.

Today we talk of people as an asset.

Capitalist jihad. Smart.

What matters here isn't technical capital, it's social capital.

And, most important, they need to learn to respect learning.

Let's think a little bit about leverage.

So we need to actually add a second base case.

We want to have a small amount of code to write.

My goal is to build one city that entirely selfsustains,

The Board of Trustees' Annual Circle of Gold Gala.

That assets, A for assets, is equal to

I think the first point to make is that we need to recognize natural capital.

But we'll do a whole playlist on that.

Where am I taking this money out of?

What's your real purpose?

So, yea, this is actually just the beginning.

like sustainable development targets, natural resource governance targets, access to opportunity, to knowledge, equity, fighting corruption.

Supporting financially

That's why it's on the street.

So what are you really here to do, Teddy?

It should start to make a little bit of intuitive sense

And that seems like a pretty reasonable proposition.

And then on the equity side, because we have no liability, so in this case assets will be equal to equity.

Nothing like the resources of a CERN or a DARPA or an IBM or a Dupont.

What are Tom's true intentions?

Well, they lost, by entering into this transaction, essentially, they lost whatever equity they originally had in their house.

liabilities plus equity.

A lot of it was based on kind of ethnic beliefs about civilization.

My powers and my assets were given to me for one purpose.

Remember we took the book, tore the pages out?

But the real focus, just as it has been right from the beginning, is weapons.

Then there is the whole northern India, which is going to be the bulk of the future demographic dividend.

In a world without leverage so if I didn't have all this

So this is just another visual representation that

less capital intensive that there's less money that's required

It doesn't sound like we borrowed money or anything.

And it's legitimate monopoly of means of violence, administrative control, management of public finances, investment in human capital, provision of citizenship rights, provision of infrastructure, management of the tangible and intangible assets of the state through regulation, creation of the market, international agreements, including public borrowing, and then, most importantly, rule of law.

And so with patient capital from Acumen and other organizations,

A classic Japanese theme

That's your real aim?

But let's say its assets are worth 1 million.

They borrowed it from their local mortgage broker, who then sold it to a bank, or to an investment bank, who created the special purpose entity, and then they IPO the special purpose entity and raise the money from people who bought the mortgage backed securities.

Capitalist country.