So you have kind of the assets of a company.

We had a 10 return on assets.

2008 happens.

So when you use cash to buy an asset, and that asset has a useful life that's more than just that period, you're essentially capitalizing the expense or you're essentially creating that asset on the balance sheet.

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So I'm going to give you a little equation, actually, just to take a little bit of a tangent.

...I'm printing the money so that I can buy particular assets,

So whenever they get this money into circulation they do go out there and they do buy assets usually treasury assets, and then they say even, Indeed, although the bank of Japan's policy, so he's comparing relative to what Japan did when they kind of faced deflationary crisis.

let me give you that piece of terminology, it just means net asset value.

So this is the assets.

So they really had, let's see, they had an 80,000 loan, a 250,000 asset, so they really had 250,000 minus 80,000, that's 170,000.

So this is just another visual representation that

But when I talk about the asset, I'm talking about only the operating assets.

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

I don't want to draw this box.

These are my assets, and these are my liabilities.

So 225,000

So that means borrower X defaulted on his loan.

And so that cash ended up here.

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So the value is going up.

Or the other way to view it is, assets minus liabilities is equal to equity, right?

And so liabilities plus equity is equal to assets.

It's not like I didn't have any cost here.

I'll draw it a little bit bigger.

But when the fed prints money, what they literally do is that they create offsetting liabilities and assets

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What are my assets?

So its assets.

like any corporation, and they have to, the liabilities, plus the equity has to match up to the assets.

I'll do that in yellow.

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Obviously , a machine you can't do all of those things to it, but you can at least touch it and possibly smell and taste it.

But no, now our meme goes into work where we don't value play.

It should start to make a little bit of intuitive sense

My liabilities would be 145,000.

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I'm going to do that generations times.