deficits, 6% of GDP when you have basically a good economy and low unemployment. Obviously, there's a new administration trying to get that under control. There's absolutely no way you can continue with 6% budget deficits as a percentage of GDP. You've got the Federal Reserve balance sheets are starting to turn, government spending is going to turn, the Treasury with the way they've been issuing government securities on the short end versus long and provided massive liquidity. The other area would be bank credit. Bank credit is also changing. I just feel that liquidity is all the things that provided excess liquidity in the system are beginning to change. The other thing too is that government debt is so high in the United States, it's just high everywhere in the world. It's the same level as it was coming out of World War II. Back then, the government basically inflated their way out of the debt problem. There are very few ways of solving the debt problem rather than growing the (28/57)
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