I don't know whether it's just down to trust or what
I just don't buy that. If we are that worried about assigning new moderators, then just start a few people with very limited power (say, deleting only newbie posts in a specific board only) for a probationary period, say a couple of weeks. Then move up to any posts. Then move up to moving posts to other sections. Then move up to locking threads. Etc. Etc. Even if someone suddenly went on a rampage (highly unlikely) and locked every thread in a board, then you can just demote them and undo all their actions. Or start some new mods in Off Topic. That board is a complete mess, and even if someone went rogue and nuked every thread in there, it would probably be an improvement. If they do a good job there for a few weeks, move them up to a real board. Or put a threat of temp-banning any new mod that goes rogue/does anything malicious.
But seriously, given the numbers of people who clearly care about the forum and spend hours of their time for nothing reading mind-numbing shit to report, I struggle to believe he can't find a handful of people to moderate. It's not a money issue, as he's previously stated about potentially dropping the forum advertising slot altogether. So I just don't understand why we are letting some boards be permanent spam fests with no discussion that most senior members won't even visit, let alone post in.