Fed funds are unsecured overnight loans. Unsecured. There's no collateral, okay. If Chase, okay whose, whose this loan to this is this, this is here, okay. well this is an asset, okay. So, make this a liability. If Citibank does not pay HSBC, okay, there is no recourse. There's not a, I mean, you can sue them. Yes, there's recourse in that sense, but it's not as if there's some collateral that you then possess, you know. Mortgages is, is, is secure, right. If I don't pay Citibank, they take my house. You know, it's complicated, they don't want to do it. They certainly, it's not really a good way to do business, they're not intending to do this. But there's security behind this mortgage loan. There's no security behind this Fed funds loan, there's no asset of any kind. It's the general promise of the Citi, of Citibank, and if Citibank doesn't pay you, all you can do is sue them, okay. And, and get a court, a judgement to force them, to force them to pay. It's an unsecured loan. Similarly, the Euro dollar market is unsecured inter-bank loans. Why would anybody do this? You know, this is a lot of money. This is a million dollars we just talked about. Overnight. Overnight. Just an electronic blip. I'm lending you a million dollars overnight and all I'm depending on is that tomorrow you're going to pay me because you said you would, okay. I wouldn't do that for you. No. You wouldn't do that for me. Banks are doing this for each other because they're in a network. This is their business and they, and tomorrow they'll be, they'll be on the other side of that transaction. And they're going back and forth. And they're paying attention, very close attention, to how their exposure to particular counter parties. The don't have collateral, but they can say, you know what, I'm a little worried about Citibank. You know, we already, okay, are, are into them for $10 million. Why don't we just tell them, go somewhere else for your Fed funds. You're lying to us, your credit line to us is full. So when you read Stigum, and she talks about credit lines, that's what she's talking about. She's talking about HSBC managing its exposure, saying I'll lend so much to Citibank and no more, okay. I'll lend so much to other, so you're having a diversified portfolio here of, of Fed funds loans. You're not lending it all to one person who could default on you and ruin you, okay. You're trying to spread it around, okay. And similarly on, on, on, on, on, on this side. Fed funds are unsecured interbank credits. This whole market, particularly the Euro dollar market, is however in great stress right now, okay. People don't want to lend on security, okay. They want a lend secured, okay. Because they're worried about what's going to happen to my counterparties. It's a lot particularly in Europe, there's a lot of, a lot of stress in lot of insolvent banks in Europe. And it's not a good idea to be making unsecured loans to somebody you fear is insolvent and so you just don't. You just don't. That's why, you know, a broker might set this thing up, and then you look at them and you say, you know, nice, but I'm not having any credit exposure with you, okay. So, that's not going to work. But I'm willing to this if, if, if you can get a dealer to stand in between and, and, and do that. But a dealer is worried too, because this is a highly leveraged business on both, on both sides. If I, if, if Citibank doesn't pay HSBC how am I going to pay Chase? You know, this isn't a pass through. I can't say to Chase oh, I didn't get my money, when I get my money, you'll get your money. No. This is an overnight loan, okay. If you don't pay, then you default. You have a survival constraint yourself. There's survival constraints all along, these are unsecured, unsecured loans. This is not. Repurchase agreements are secured loans. There's collateral there. There's a treasury bill. This doesn't mean that it has nothing to do with your life and my life, okay. It's just, this is where the rubber hits the road actually. This is where the large amounts of money are getting transferred, you know. This is where all the risk is being taken in this, in this world. This is where all the liquidity is being created. So this is what we need to understand if we want to understand what we read in the newspaper everyday. The Fed funds market is the, is sort of the market for the best money in the world, okay. Reserves at the Fed, okay. Euro dollars is, is another unsecured market. RP, which we're going to talk about next time, is secured borrowing and lending in the, in the money market. Once we understand these, we are, we are at the very core of the international payment system, and we can build our understanding of the money market up and around, okay.