Dr. Alan O'Sullivan

I mean, the austerity, socialization of the debt and really tough austerity measures, stifled growth in Europe.

Bank lending just went non-existent.

So was it a combination of, yes, U.S.

pro-growth, stability, but also Europe shooting itself in the foot?

I'm not going to defend European policymakers.

Yeah, and there is the view that some of the policy implementation in Europe, the fiscal break in Germany, perhaps cutting down the regulation between member states, freeing up trade in the bloc itself, and also the deleveraging that has taken place since the financial crisis.

I mean, banks...

are awash with cash now.

One of the big problems in Ireland is regulation.

There's too much regulation in relation to bank lending.

What's your outlook then, I suppose, Louis, for Europe over the next decade in the context of those improving conditions, let's say?

I was speaking with Professor Campbell Harvey there about two or three weeks ago, and obviously Duke University, you have that connection there.

But we talked about gold, AI, we talked about debt.

And I think in relation to government debt,

It really is the thing that spins off everything.

I mean, Mar-a-Lago Accords, geopolitics, you know, at the root of all evil appears to be debt and appears to be the huge unsustainable debt, 37 trillion now nearly in the US.

I mean, what's the release valve here, Louis?

I mean, how do they get out of this?

Do they get out of it?

It's really interesting what you're talking about.