The assumption that UST is backed by LUNA is wrong. UST creates the LUNAs that drives demand for more UST. At genesis of all investment properties start with having money before you take on the enterprise of a home financing business. The wrong thinking is that somehow LUNA will create value for UST. It does not. When the UST is worthless then so is the interest bearing instrument called the LUNA to people outside the Terra community. We need to anchor UST in collateral and create a stability insurance fund to pad the LUNA from “loopers” blowing up the LUNA economy. We cannot afford another AIG. See: