Darkside of the Looking Glass

After listening to the whole " Darkside of the Looking Glass " presentation . It seems as though one reason the SEC does not enforce the laws pertaining to the selling of " naked shares " is because if all shares had to be accounted for , then it would crash the Stock Market as a whole .It is a scary thought that this could possibly happen in the future . Maybe I am mis-understanding what the speaker is saying , but thats the way I inturpet his presentation . Just makes you wonder how many shares of " SIRI " we Actually own and how many of us could be holding FTD's . To those that have seen the presentation ( which was posted here some time back ) please feel free to correct me if I am understanding this incorrectly.