Gita Gopinath

And of course, depending on the country and depending on how much of fiscal space you have,

That can be a small group of things or a big group of things.

For sure, energy security is everybody's paying attention to it.

How do we make sure that we don't have to import fuel from the rest of the world?

And how can we have our own fuel at home, either through renewables, whatever we need to do, or maybe just returning to coal for now?

We're going to see.

We're seeing that.

Defense expenditure.

We need to be able to not just spend more on defense, but make sure that we can actually produce more of the weapons that we need.

Semiconductor chips, rare earths.

Yes, there are.

You know, I think there's so little trust in the world right now in terms of relying on your trading partners that countries are just going to be spending a lot more on this.

It's just that it depends on whether you're a country that can afford to raise the finances for it or not.

But everybody is heading in that direction.

So if you look at the list of all the sources of demand for capital, that is a very, very long list.

And if you look at the sources of supply of capital, there's just one category, which is aging demographics.

And that's where we often tend to blame old people for the fact that we need to spend so much on retirement and on health for the future.

But the truth is, the reason interest rates are not much more high than they would have been is because of the supply of savings coming from aging demographics around the world.

I mean, we have the additional problem that I think policymakers actually are not really keen or particularly worried about where their debt to GDP is.

If you look around the world, again, except for places where the bond markets are simply just not letting you do more spending, even in the U.S., I don't believe there's anybody in Congress who's truly worried about