Doug Burgum

So 1980s, we had a deregulatory boom.

Paul Volcker brought down inflation, but it was also the deregulation.

1990s, which I previously mentioned, we had had a electronic buildup, and then finally it kicked in, especially in office work, and that led to a big productivity boom, and we paid down the national debt.

We had a surplus.

We had a surplus, and I mean, it seems crazy.

I found a paper the other day that people were wondering, well, what are we going to do if there aren't any government bonds?

There are plenty of government bonds.

But I do think there's a chance now that we could have this growth acceleration, and if...

I'm shooting for 3%, but I can tell you the trajectory of the debt path really changes.

And if we can also have lower interest rates because it's noninflationary.

I think the Fed's going to have to be open to this idea.

Yeah.

So I think that in terms of the well, I'll take the second one first.

We expect that the Chinese will slowly divest

But with the passage of the Genius legislation last week, I think that we could see several trillion dollars of demand for T-bills, because the way the legislation works, it's under 90 days.

And I think that that's really going to lock in the U.S.

dollar in terms of...

individuals on the street end, whether it's Nigeria, Kuala Lumpur, are gonna be using U.S.-backed stablecoins.

And if I think about the alternative,

If you think about a central bank digital currency, China, Euro, or ECB, or even Canada, a lot of you will remember during COVID, the Canadian government, they didn't like what some truckers were doing, and they seized and froze their bank accounts.