Global fiscal spending is higher than we’ve ever seen probably in the history of mankind other than maybe World War II. And then we had quantitative easing.

We’ve never had quantitative tightening. I think there are some long-term trends, which have gone from disinflationary to inflationary. I’m gonna put trade in that category.

The benefit of all this trade going to China is gone.

The green economy, we estimate will need $4 trillion a year, the IRA Act, the Chips Act, the remilitarisation of the world, fiscal spending, what part of that’s disinflationary?

So I think you may have gone from, you know, more of what we’ve seen in the last 20 years to what we saw 20 years before that.

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