printing big time. Velocity is plunging. That's the fiscal spend side. Well, it's not, it's the turnover. So, for example, let's say I, you know, we're in New York. Let's say I take a taxi home and I tip the taxi driver and the taxi driver goes to a gas station and buys some gas. And the gas lean a station owner takes the money out of the till and buys a... Ignacio knows all about that from Buenos Aires because they were sitting with the radios in the cafes, right? Yeah. And you, you know, the gas station guy buys a nice present for his wife. Well, in that example, my dollar has velocity of three, right? We had a taxi tip, a gasoline tank and some flowers for the wife. So we had velocity of three. What if I stay home and watch TV? My money has velocity of zero because I'm not spending it. So I like to remind people, oh, well, if I'd print a $4 trillion, that's true, but 4 trillion times zero is zero. In other words, if you don't have velocity, you don't have an economy. Guess what's (91/98)
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