Diego Parrilla

But when you realize that, you know, the inflation expectations, the temperature is going to increase like crazy, we'll start jumping.

And when you jump off fixed income.

And yields start going up.

And you have a problem because your outstanding debt is just too high.

And that starts to create reflexivity problems.

I mean, think about what your beautiful country and mine went through in the European crisis, right?

Spain was sort of the last piece of the dice of the domino, right?

whereby once the, at the time, the 10-year bono was a 7.5%,

That was considered the point where the amount of money that goes into servicing debt, it's so high that you have no room to do anything else, and it spirals out of control, and that's why we have to bail out a bunch of guys.

And so that reflexivity of the process, as frogs jump out, effectively leads to what I think is the biggest acronym for the next decade, and to your point on the next misconceptions, which is yield curve control.

And yield curve control, unlike quantitative easing, quantitative easing is about, hello, Mr. Powell, here's 120 billion a month, go and spend it.

And he bought whatever he wanted, bonds and affected prices of things.

Yield curve control is different.

It's like, hello, Alan, the 10-year treasury is not going to go worse than 5%.

Why?

Because I said so, what are you going to do about it?

Print infinite amount of dollars to hold it.

And

And at that point, you know, and this is where the chess game is being played, at least in my head.

You know, you have that.