they're that high. But look, the reality is that when you're taking a look at the level of standing debt globally at starting right now, visa V, the peak of the last cycle, and you're taking a look at the level of debt now, visa V, where was the peak of the last cycle? I mean, the level of debt, the increase in the debt in the past decade from the peak in 2007 has outpaced the increase in nominal GDP globally by a factor of four. That acts the fundamental constraint on growth. That acts the fundamental constraint on inflation. You need more and more debt to generate a dollar of GDP. Yeah, it's a law of diminishing returns. That's a very dangerous trend. And look, my good friend Lacey Hunt has written a lot about this. It's fundamentally deflationary. And that's one of the reasons why this neutral fund rates come down so much. Now, back to your point about the negative funds rate. If you actually go on the various Fed district bank websites, you'll find that some of them are beginning (45/57)
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