Fiscal Policy

“It's the fiscal gravy train that gave us exceptionalism of the U.S. Asset flows from 20 20 to 20 25. That's over.”

“And so that Delta T of incompetence tends to be about five to 10 years. I would say the midpoint is eight. So if we're starting now, you'll probably see some rationality by 2032, 20 33.”

“I'm afraid what that has probably done is reset expectations of what fiscal policy can do and how it can be deployed in future downturns. So now it's out of the box. Fiscal policy is probably going to be more proactive and generally stimulative. And that makes…”

“The ability to deploy fiscal policy in scale or just fund or socialize losses Depends on your ability to roll over all your sovereign debt at a fairly predictable, fairly low rate. Otherwise, it just doesn't work.”