Is Denk trying to usurp the role of underwriting, i.e., the process of examining all the data about a player’s property (just what is he using to play on — is a honky tonk piano more democratic than a Steinway that’s borrowed for the event?) and transaction (and just how much is the performer paying the composer to play his work?) to determine whether the the mortgage applied for by the borrower should be issued.

Let’s get it straight for a change — Denk is the borrower; the composer is the lender. His playing is accruing interest that is earned by the composer but not paid, adding to the amount he owes. Even his wealth will be consumed, and he will risk default to the composer. At that point, will surrendering his deed in lieu of foreclosure be enough to redeem his debt?

And let’s not hear that the composer is price-gouging poor Denk! He’s got a pyramid scheme going, passing off the debt he owes the composer to the audience, so in thrall to his brilliance in mortgaging the composer’s property that we all assume that he can’t do anything wrong and so we willing bid up the price of his performances. And we let him grab our equity like this!

Well, as long as we don’t think there’s some paydown magic, some special way to pay down the balance of the sub-mortgages we willing undertake to buy from, if only we knew the secret. At least he knows that from us he has a long-term mortgage, a long-term debt, and that we will gladly pay on his mortgage to the composer. I’ll promise that I’ll never be a silent second, attempting to deceive the first mortgage lender. Will applause help pay interest on the debt?

Loved this.

It works.