 Hey everyone. For the next, I'm James Beck, by the way. So for the next five minutes, I'm just going to pose a question. Shouldn't we be rethinking debt? And one of the ways of rethinking debt, and what I've been thinking about over the last couple of months, is this idea of sussus or immigrant lending clubs. So Mr. Cretel, with all due respect, that was an amazing talk. I have to say over the last year, I've learned a lot about finance. I have a background in history, Chinese politics, but it's pretty amazing what's been happening in the DFI space. If you had a bag over your head and you missed out on Debtcon, you realize so much that the excitement is actually understanding what all these products here on the right have been able to show that ETH is a trustworthy foundation and code can be a settlement line. But this picture here is when I googled Bear Stearns and found some funny clipart. There are some, I think, pertinent just parallels to what we actually sort of imagine as the crisis in 2007-2008. A lot of synthetic derivatives are overleveraged and have me thinking a lot about debt. So a lot of people probably came to a theory of thinking about money. And if you haven't read this great book by David Graver, he sort of poses a question, what makes the concept of debt so strangely powerful? And goes through a history of 5000 years of different societal conflicts and ways in which debt and the breaking of bonds of all the debt that people owe causes war, causes conflict. A couple other interesting things is that even the idea built into our language, so in Greek the word symbolon literally became the word for money. In Chinese it's fu and it was literally a word to describe a debt or credit to someone else. And the symbolon was sort of a piece that you break in half and represent the debt you owe. So yeah, debt is very critical to our idea of money and I bet if we did a poll a lot of us in this room have some sort of debt, whether mortgage or student loans or something. So in that I've been thinking about are there ways that people have been lending and creating money systems that don't involve a debt or at least some sort of central actor providing a loan or some version of credit. And it turns out there's a lot and I'm a white American so this is all new to me. But Susu is a sort of a West African word and it describes this idea of rotating savings and credit association. Turns out it's also a tanda in Latin America and in Chinese it's a quake and that's been around actually since this guy, since the Tang dynasty which was like 600 and what it is is pretty simple. It's the idea of savings with a community. Each person puts a set amount into a pool and then the pool rotates and so you can set the parameters where it's in this example $10 per week everyone will receive $200 at some point. Some tandas in some ways they set it up where people can choose when they want to receive the collective pool. So the other thing though is that it's simply savings and it's group savings so no one actually burns interest on the money set aside. So when I was researching this something I found people all throughout the United States use Susu's daily. People use it to pay for a car. The Hasidic Jews in Burma Park use it to buy real estate. It's just built into the social fabric. They all share their money and essentially one person gets to draw from the pool from the collective pool. In Caribbean communities it's actually, it happens in church groups. So you have a group of like seven people and one trusted collector and then eventually they pay it out whether it's five months, eight months, what have you. And then this quote is that a lot of people burn banks especially in the US for these informal lending clubs. So yeah in like the early 2000s banks obviously are like thinking okay how do we profit and scheme on this. So there's actually this project that Art Lake is still doing with GCSEA which they selected an actual individual that they call a Susu collector. And in these Ghanaian markets people in the roadside stalls they've already been using these Susu schemes, pooling resources to be able to buy large shipments of produce. And what they found is that there's actually 7 million pounds being traded and collected. So there's some drawbacks. If there is a central collector even if it's a small group of people you trust there's a chance they go off the grid. They take all the money and run. The other idea is that you know the person who has lost some money to get it does not receive any interest. So it's a little less reliable than putting money in a bank account. And that's assuming you know you have enough money to create a bank account. So the last thing I'm going to raise is along doing this research there's like two projects that came up just you know sort of this testament to how fast things are moving in the deep end space. But both together I've been using that. It's more of they're describing themselves as a no loss lottery. And it's kind of fun and they're earning interest on the side. There's also Acropolis. I'm not exactly sure the status of this project but in their website materials they describe it as these informal lending clubs. So yeah, it's sort of a call to continue talking with other people if you want to discuss SUSUs and think about the applications for adhering with I guess trustless SUSU collectors. Thank you.