Hi , I could not understand when you said that in the case of a credit event there would be material impact on the money supply(shrink). For example in case of a credit event in which a cds is triggered, the cds sellers(say a big bank/insurance firm) would have to pay out to the cds buyer, who would again put the money in the bank and therefore it would not have an impact on the money supply. I would be grateful if you could clarify my doubt.