rowing massively while you have Jay Powell and team at the FOMC rowing in opposition, trying to restrain the inflation in the system from the overconsumption and excess demand created by the insane borrow and spend on public accounts. And there's only so much that he can do. And this is an experience that Brazilians, Turks, South Africans, and other EMs know very well. It doesn't end in outright disaster and the world ends and like, where do I move to? Like, should I buy a gun? Life does go on, but it's not actually an experience that Americans are familiar with. And certainly nobody alive here who's never had any kind of experience in these sort of frontier-ish emerging markets that are profoundly cyclical. But they're learning. And just the fact that people now start to know what fiscal dominance means and that it's gaining attention suggests to me that this is a longer-term trend that is catching fire and is changing the way we need to think about managing risk. It's changing long- (41/57)
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