I'm no expert, but I think I get what he said.

If I have $100 and I buy a stock worth $90 from you, there's $100 in the economy.

If the stock goes up to being worth $110, there's still $100 in the economy.

If the stock goes bust, there's still... $100 in the economy.

We’re destroying valuations, not money.

> Stock market crashes absolutely destroy money by any reasonable definition of the money supply.

Mind sharing that definition? I don't see that quite squaring with this: https://en.wikipedia.org/wiki/Money_supply#Empirical_measure...