You do have a point - it's baffling to me how many layers of highly notional derivatives. E g. Jane Doe the public school teacher borrows money to buy a house she can barely afford upon the hope and dream her govvie paycheck will continue for 30 years. The lender bundles a bunch of them together into a CDO and tells pension funds that they're a great long term investment. The underfunded and usually government dependent pensions then pour the funds they do have into these crap MBS upon the assumption that the govt will bail them out when their shitty MBS dont meet their unfunded obligations. Anyone with an ounce of sense is going to catch on like you did - Jane Doe is dependent upon fiat for her income to pay the loan. The pension funds are dependent upon fiat to backstop them to lend in the first place. There's not a lot of Rockefellers involved here who are actually producing stuff to fund this on either end. It's going to be hysterical when fiat goes tits up and bitcoin goes to the moon.