about makes me think of a saying of john mader james who is a great with as well as thinker -- john maynard keynes. he says there's a limit to which any society will sacrifice itself for the bondholders. this is a true. that gets to the point john was making, and others, how much sacrifice for the bondholders. if you have built a whole system, however, which for its very functioning depends on ever increasing borrowing from the bondholders, when you run out of other people's money, as i said before, then that system stops. and it would get to whitney is very important point about who is the sheriff. of course, in good times we don't worry about this year. it's only when pushing comes to shove in that we worry about the sheriff and in all these cases this is really a huge issue. i'm going to let you talk in a minute but i wanted to get my third point out, which is in historic american financial crises when the banks would stop payment, as they called in those days, which make you go to the bank but you couldn't draw your gold, something very interesting happened. now we have the greek banks under g

a lot of what we've talked about make me think that a saying of john maynard keynes, who was a great weight as well as thinker said there is a limit to which any society will sacrifice itself for the bondholders. this is true and it gets to the point john was making and others how much sacrifice for the bondholders. if you've built the whole system however, which it's very functioning depends on the ever increasing borrowing for the bondholders when you run out of other people's money as i said before that system stops and then we get to this important point about point about who is the sheriff and of course in good times we don't worry about the sheriff. it's only when push comes to shove that we worry about the sheriff and that in all of these cases this is a really huge issue. >> i'm going to let you talk in a minute but i want to hear that your point which is in historic american financial crisis when the bank would stop payment as they called it in those days which meant you could go to the bank but you couldn't draw out your gold something very interesting happened. now we have