Michael Keller
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And he thinks this will be temporary.
But as long as that is happening, the debasement trade is not gone, but it's just on pause.
It will resume because it has to resume because you've seen the charts.
You've seen U.S.
debt to GDP ratios.
China's in a similar situation from real estate, all sorts of things where they need to print their way out too.
Yeah.
But people are like, oh, the debasement trades, it's over, right?
Gold is going, Bitcoin's going.
It's not over.
It's just on pause right now.
And that's how it was always going to work.
It would pause and then resume.
But this paused right now.
The third reason is this.
It's just the four-year cycle, David.
And Michael Nadeau- Four-year cycle, unfazed.
It's unfazed.
And Michael Nadeau wrote a post this week that I thought was really good.
He was just talking about