WARREN MOSLER: Right. So, they were not different before when they had their own currencies. But when they got together and they created the new central bank, the European Central Bank, and their own central banks became branches of the European Central Bank, they were now in a position of US states, or Canadian territories, or somebody other than the issuer or the currency, they became users like you and I, where each member nation, by law, was required to have funds in their account before they could spend. Like you and I, they have to get the money first before they can spend it. ED HARRISON: And there was no backstop from the monetary authority because that was- WARREN MOSLER: Yeah. That's right. Initially, they were supposed to be on their own and independent. And then we looked at the debt ratios and people who are in that position, whether it's corporations, individuals, foreign countries borrowing in foreign currencies or the US states, once you get up to 15% debt to GDP, that's when California starts having trouble and can't fund themselves. Okay. So now, you got these European member nations turning themselves into US states, so to speak. And they're waltzing in with debt ratios of anywhere from 60 to 130, or 40%, 50% of GDP is like, this is insane. This cannot work. It'll work fine on the way up.