the logic escapes me.

on the one hand we may not take large carry-on bags; we are limited to one carry-on item; if we board late they may force us to check our carry-on because of space limitations.

on the other hand, most items of any value are not covered if checked.

for jewelry, etc., the solution is clear: it's small and portable, so carry it on board. For other items: souvenirs, gifts, small-medium trinkets, food or liquor from foreign countries, and many other miscellaneous items, there is no reasonable solution. I find the proposal that we must carry anything of any value with us on the plane somewhat unrealistic.

Can we really only pack clothes (but not expensive clothes), toiletries (but not the ones we need the first night or in case our bags are delayed), and cheap, valueless trinkets from South American street vendors in our checked luggage?