Q: "What's the point of Ripple?"
A: "To loan money to another person with no repayment terms, interest, or any other sort of traditional terms, including legal recourse, you would receive when extending credit. If you accept this rather significant counter-party risk, you can move DEBT all over the world."
This is totally wrong. Ripple is not a system for keeping track of loans. Ripple debts are not the same as mortgage / loan debt. This is a common misconception!
It' just as accurate as this:
Q: "Who's got all those 11M Bitcoins?"
A: "Some impolite guy in Eastern Europe running an underground asset market, BF members like Erik Voorhees and Roger Ver, an anonymous hacker(s) we're supposed to love because he/they wrote a good program, a few others."
Which was my point. He's purposely skewing his responses to show his own bias.