Jim Grant Speaks about global financial insanity

This Jim Grant Interview is great. I love the internet, I get so much real information about reality vs the fantasy or outright void of information provided on mainstream news. At around 3:40 market in the video, Mr. Grant points out that mark to fantasy accounting is bad, but what is worse is the central banks have zero accountability for their own accounting. The New York Fed is leveraged 100 to 1.   MF Global, the 8th largest bankruptcy ever in the US was leverages 80 to 1 as a comparison.

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.