Talking about the...

We're still talking about the liquidity principle.

And what Palley wrote in his essay, in his essay,

liquidity,

um,

there,

we're almost done with this,

with this part of the,

of the discussion.

But just to pull back for a second,

because this is, this is a really kind of wonky,

talking about like,

the credit duration is a very wonky part of the discussion. And just to pull back on why it's so important, the single big, dumb lever that the central bank has is this

interest rate lever. And in every episode that we've done, and I keep wanting to drive home in

as many ways possible, is that this interest rate tool just literally can't function in a fiat

environment. So I'm trying to attack that point from as many ways as possible. And Palli himself,

he uses this essay liquidity to make that point. And so I just want to remind people again,

that's why we're talking about it. And the other point is that, again, the whole reason to do

this whole exercise was to try and imagine how will the world and how will the economic system work under Bitcoin standard.

And I feel like by understanding the liquidity principle, as Palli describes it, I actually have a, it's a narrow, but I have a plausible concept of how you can actually have

credit on a Bitcoin standard and how banks can still lend and still be liquid, which was

something that was alluding me before. And I feel like this has filled in a major hole

...