The bank was profitable.

Payable to the City of San Francisco.

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

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

This is one of its assets.

Walk on to the bank.

Let's say I still go to the bank.

You can sell shares.

Bellwether signs again.

OK, so now we're in an interesting situation.

What are my liabilities?

They said, wow, this is great.

And when it becomes and I said three videos ago that these dollar bills aren't just the liabilities or the obligations of this central bank.

And it's often, maybe this debtor right here, he'll hire one bank.

You're still solvent.

They serviced the loans.

And they got an asset called loan to Bank A.

He is employed in a bank.

Then we saw that could create a whole chain of events.

They would actually owe this extra 1 million.

However, in a pure quantitative easing regime, the focus of quality is the quantity of bank reserves, which are liabilities of the central bank the composition of loans and securities on the asset side of the central bank's balance sheet is incidential.

We would create incentives for securitization.

Helps bring it down.

These are deposits that I owe to people.

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

Now let's say it gets even worse.

I'll go to the bank later.

What is your strategy in your household?

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

So that's bankruptcy.

You go get bankruptcy protection.

The Ministry of Finance is the next tower over.

Well, no, as far as the bank is concerned, I still owe 750,000 to the bank.

I've been to the bank.

Can you tell me the way to the bank?

Please tell me how to get to the bank.

This guy, he does have interest.

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

So, the killer goes to the bank, leaves a threatening cipher at the bank.

It can do it through debt or equity.

I have 4 billion in residential CDOs, collateralized debt obligations.

Over the next few years big decisions will be made in Washington on jobs, the economy, taxes and deficits, energy, education, war and peace.

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.

At 8 00 this morning, he wired 100,000 to a bank account in Tangier.

So we still have the same amount of debt.