Diego Parrilla

We're going to talk about them maybe more detail because it's more complex, but let me finish the framework.

You know, this idea of level two and what it means with inflation, what it means with inflation expectations, what does it mean with problems that are...

Effectively too big, economies that are too big to fail and all that stuff leads to this dynamic.

And that's where the 60-40 falls, the correlations break apart and everything else.

And level three, and let's not fool ourselves, is taxes.

You know, this is how you square the circle.

effectively, can you make money in real terms after taxes and in particular wealth taxes?

OK, and the situation is mommy and daddy, you know, they face a problem.

They say, OK, let's print our way out.

They inflate problems that inflation creates inequality, social unrest, wars, whatever.

And then eventually that inequality creates a super rich.

And then, of course, you're going to go after the rich.

And of course, no one's going to complain that you're going after the rich, which you created in the first place.

partially through inflating.

And then you sort of square the circle by where the governments had this first mover advantage.

So they said, okay, I'm going to print the way out.

I'm going to spend first.

I'm going to repay with lower, with the debase stuff.

And this is why I think from a game theory perspective, these three levels are there.

And we are somewhere between two and three.