Azeem Azhar

That means that they're dependent on people reaching specific milestones.

And businesses across America and across the world are demanding this technology like we've never seen before.

Now,

Is it ugly?

I'm actually looking on my screen at the moment at the spider's web map that you talked about, and it's really ugly.

And you should look at that and say, this doesn't feel right.

But let me give you one other example where perhaps...

We're familiar with it, and it worked for a long time in vendor financing, which is in about 1919, General Motors set up something called GMAC, and they said dealers are finding it hard to get finance to set up dealerships, and Americans have got stable jobs but can't buy the car up front.

So what we will do is we've got the best balance sheet, we've got the most cash, and we will finance both dealers and dealers.

American homeowners.

And GMAC still exists today.

But within a decade, the loan book of GMAC was the equivalent of half a percent of US GDP.

Wow.

So vendor

financing doesn't always have to end badly what it does do is it creates a new set of risks for the participants to behave badly and then we so we need some transparency right to see what's going on between these these relationships uh how real are they are there things that are being hidden we've got that experience from enron we've got that experience from worldcom uh and we're

For me, this is exactly an area where we need the kind of inspection that journalists have been doing.

But right now, when I look at it, I think, well, yeah, it could go bad, but it hasn't.

And it seems like it's got a little while to go before it might.

I think it's going to present all sorts of risks that we can't map and that we will be behind the curve as we were during the global financial crisis on bond rating agencies not rating these buckets of terrible mortgages correctly.

The thing that strikes me about a lot of these deals is that