assets, both because people had high expectations of the equity markets, but also because they thought US yields were going to rise, that were going to pick up a little bit of carry. As one of the reasons was not only a story on monetary policy, but a fiscal policy one, there was an expectation that there were going to be tax cuts, the US was going to grow more strongly, there was going to be a lot of infrastructure. Couldn't that also be an argument for greater levels of debt and inflation? Couldn't that also be an argument for a declining dollar? It could be. The way I look at debt, whatever country we're looking at or even company we're looking at is it depends a lot on what do you, if you take on more debt, what do you spend it on? Are you borrowing more just to pay back what you already owe or are you investing in more productive capacity? That's where, and I should say we- Well, to be clear, what I mean is, in other words, what I'm saying is this would be a fiscal stimulus. That (18/45)
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