 Okay, so what's happening is we've got inflation prices going up. We've talked about this. We've talked about the shortage of employees. We've talked about the fact that all these constraints created by government and all the money created by government, we've talked about the fact that the Fed has basically been bailing everybody out. The Fed has been bailing out zombie companies, bailing out everybody in the financial markets. And as a consequence of the Fed doing that, that is a way, again, in which to stream money in, to misallocate capital, and to keep streaming money in to the economy. And all of this is resulting now in prices going up. And we haven't seen prices going up like they are right now since the 1980s. I mean, this is not some blimp. This is not small. This is not an accident. This is the biggest move, inflationary move since the 1980s, and it could get a lot worse. We will see. It's hard to tell. It's hard to predict these things, but it could get a lot worse. And what the Fed announced is that they are going to start reducing the amount of bond buying they are doing in the market. So the Fed, the way the Fed brings liquidity into the market, the way the Fed kind of manipulates interest rates, the way the Fed bails out certain companies is by buying bonds. They could be buying government bonds or they could be buying corporate bonds. They are primarily buying government bonds and mortgage-backed securities. And by doing that, they are keeping interest rates low. Now as long as interest rates are low, people are incentivized to spend their money, particularly if inflation is higher than interest rates are low. There's no point in keeping any cash. You don't know what's going to happen to you. You can't invest safely because the interest rates are so low they're being kept artificially low below the rate of inflation. So indeed, most of the interest rates right now are negative real rates. That is, the interest you're getting on your money is less than inflation, which means you're losing money on most investments in real terms. So the Fed is for the first time indicating that it will start slowing down the buying of bonds. Thus, slow down their attempt to manipulate interest rates. Thus, slow down the pressure to keep interest rates low. If the feds don't buy these bonds, other people, private sector is not going to want to buy them a negative interest rates. So slowly, interest rates are going to rise. Now the government doesn't want them to rise because if they rise, the cost of paying off the debt increases dramatically because the interest rate on the debt increases dramatically. And refinancing the debt increases dramatically. So we really are, I mean, we really are in a pretty bad situation right now from an economic perspective in terms of the options our policy makers have in dealing with the economy as it is today. I don't see how there's a positive outcome from what's going on right now. And it could very well be that we get either significant inflation or we get a deep recession. It'll be on Joe Biden's watch that he will get blamed for it, which is, I guess, fine as long as it's on Donald Trump who runs against him in 2014. But that's, it's going to, it could get very ugly. I don't know when, I don't know the timing. I don't know exactly how it plays out. I don't have the kind of certainty that Peter Schiff has in terms of how it all plays out. But I can tell you that what is going on right now is impossible to keep up. The Fed needs to keep interest rates low because the government needs to refinance its debt and debt is only growing. And if Biden passes his bills, it's going to grow by more than $2 trillion. And that has to be financed somehow. And the only way to finance is by issuing bonds. And if you issue bonds, you know, who's going to buy them? Nobody's going to buy them. There's low interest rates. And if interest rates start going up, then the government can't afford to issue those bonds. They can't afford to pay the interest. That makes the deficit even bigger and it just escalates from there. And at some point, and I don't know when that happens, but at some point the market starts questioning whether the feds can even pay back the debt. And once that happens, it's kind of game over and the economy could really spiral out of control. So we are in very, very precarious waters and it's fascinating to me that in spite of all this, stock markets at record highs, nobody seems to be worried, you know, people are debating how much higher Tesla and all these stocks can go. When we're sitting really on a time bomb in terms of economic policy, it just cannot sustain itself. It cannot keep going like this. So it's going to be an interesting decade. It's going to be an interesting decade. And if you get inflation, the dollar will go down unless the fed jacks up interest rates and then the dollar will go up. But if the fed jacks up interest rates, then now you have to worry about the federal government financing all its debt. So then you worry about default and that could cause the dollar to go down. So the direction of the dollar is not obvious. And relative to what? Relative to gold? Maybe you can predict that. But can you predict what the dollar does relative to Euro, which has its own problems, Europe has its own problems, relative to the yuan in China, which has horrible problems, China is in worse shape than we are, and you could go on and on and on. But what this country is going to need in 2024, desperately need, is a president who wants to deregulate and cut government spending. A president who wants to enforce government austerity, real government austerity, like we've never seen in a hundred years. So I don't know if there's a candidate out there who's willing to do that. Is Nikki Haley? Can she get elected? Can anybody on such a platform get elected? So it's going to be interesting. It's going to be interesting to see if Biden reappoints power to the Fed. And if he doesn't, who reappoints, those are our signals the market will be taking, watching. But the US government has put itself into a position where I don't see a positive outcome. I don't see how things work out positively. Thank you for listening or watching the Iran book show. If you'd like to support the show, we make it as easy as possible for you to trade with me. You get value from listening. You get value from watching. Show your appreciation. You can do that by going to iranbookshow.com slash support by going to Patreon, subscribe star locals, and just making a appropriate contribution on any one of those, any one of those channels. 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