Assuming thats true, why not leverage 1 googloplex to 1? Mathematically there isn't much of a risk difference, since you can be insolvent in a heartbeat if accounting was accurately measured. I just don't agree with Jim at all the insinuation that fiat currency isn't good currency. I really do hate the gold-bug mantra that shiny rocks is money. Gold as money is more draconian than the current system by a long shot.
Further, the Federal reserve will NOT take mark to market losses, but instead have a direct "running tab" with the treasury. What is the difference between US currency and Zimbabwe? Each month there is less of a difference. Currency deserves respect and STRICT rules to enforce it in spirit. Nothing less is acceptable.