Jordi Visser

I don't think at this point, I mean, things could change.

I don't think they're going to change much, but there's no way to get around the fact that inflation has been far lower than people thought.

And then when you add in, and this is an important part for where we are today, I think people just, they've got short memories.

Most economists were calling for a recession.

Great depression.

Yeah.

And they were calling for stagflation at the best case, meaning, well, we're going to have a lower growth and we're going to have inflation running on the high side because tariffs are going to go through.

Well, both of those were not only wrong, they were wrong in a way that, and I wrote about this this week, I basically said capitalism is effectively fractured and ending.

And what I meant by that, as you read through it, is we are having 4% GDP, the last two quarters that we have GDP numbers for,

combined were over four percent nominal gdp in q3 was annualized at eight percent and during those six months we created zero jobs and today we got the payroll number but again it's you know it's it's low numbers and we revised down more than we created this month from prior months so

There's no way to refute the fact that the labor market is soft.

Gas at the pump is down to the lowest level in a few years.

And at the same time, housing or rents are coming down across the country.

So we have declining inflation.

And now what people are starting to talk about, and this is why I'm not going to give the credit

to Trump in terms of the overall situation.

I do think by the end of this year, people will start to realize that productivity gains are going up.

And the question is, how much of this is around artificial intelligence?

And I think a really, really high part of it is about artificial intelligence.

It's crazy in the fact that it's unthinkable, but at the same time, whenever I do on-site presentations, I always talk about the fact that you should think the unthinkable because AI is moving at such a fast pace and the cost of labor is such a big part of...