absolutely see situations where you get some sort of major commodity supply disruptions or other states of affairs that might produce substantial inflationary impulse. The Trump presidency potential is a huge wildcard. He has promised to raise tariffs on a variety of goods from already relatively high levels. Sidney is going to raise them four times. I think he said from 50% to 200% on this broad basket of goods, these kinds of policies can be very highly inflationary in the short term. So there's just a lot of moving parts. The natural state of the economy, if we can avoid major conflicts, if we can avoid major political and policy moves that run counter to the sort of neoliberal order that we have been following the trajectory of for the past 20 or 30 years, is disinflationary. A major conflagration with China obviously could be highly inflationary since we import so many goods. A major conflict involving Taiwan. Now I mean, think about the proportion of the economy that currently (40/45)
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