comments that you've ended the first hour with, which is why have the lags been so long this time? Why have the hikes of short-term interest rates by the Fed taken so long to materialize in a slowdown of the economy? I'm also curious to understand and sort of follow up on our conversation about the savings rate and interest rates and economic growth. To understand how we get out of the situation, because if the United States government needs to, quote, get its fiscal house in Northern, in other words, rely less on debt financing to pay fiscal obligations, that would also lead to an economic contraction. And so like we seem to be caught in this impossible situation where the solution to the problems of too much debt result in an economic contraction, which raises the relative carry burden of that debt. So that's something I want to talk to you about. I also want to understand more specifically how far out you see interest rates remaining depressed, because if you do believe that the (39/41)
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