Graham Stephan

For example, one of the reasons it could collapse to 4% is we are now in a depression.

unemployment's 11%.

It could be something nasty like that.

Or it could be the other side.

Kevin Warsh says we've got some new whiz-bang inflation measure and it's 1.8% and we're this, that, and the other.

And then he could cut.

So there's really two answers to that.

Absolutely.

Oh, absolutely.

It's plausible.

One of the I think Kevin Warsh is going to do three things.

One is change the definition of inflation, go from CPI to this median trimmed or whatever it's called.

He's also going to stop the Fed presidents from communicating so much.

And then he's going to use technology to to get better economic metrics.

This whole telephone survey nonsense is going to be flushed down the toilet.

So those are the three things you could expect Kevin Warsh to do inside 90 days.

So what you're describing is a rosy and fun picture.

It's really interesting.

I actually think prices would go down.

Because I think we've had four years of restricted selling.