Michael Nadeau

We haven't seen this since pre-2008 or so.

Yeah, I think so.

You know, the view has been, you know, we have another chart in here too that just showing U.S.

in particular global liquidity, which I think is more of an indicator for the crypto market.

So that's rolling over.

We've seen the global liquidity line actually start to go up again a little bit because China, there's a lot of liquidity right now in China and Japan.

So kind of in the Asian markets, we've seen them doing well.

And that's like helping gold, we think.

Yeah.

Right.

Yeah, and I think that's sort of the regime that we're in currently.

When we look at the fiscal side of things, we're not suggesting that we're balancing the budget or anything like that, but we did come down.

So the fiscal year ends in September 30th.

We came down in 2025, and it looks like we're going to be at kind of a similar level

this year.

So we're still running large deficits, but we're not increasing them, right?

We're not increasing them like we were during the Biden years.

I think what happens on the margin there does matter.

So this is what was kind of leading into back in September, October saying, okay, well, liquidity looks like it's rolling over in the US.

We saw a lot of tightness in the kind of repo markets and in the banking sector liquidity.