Morgan Housel

Thank you.

Yes.

I don't think I have substantial pushback to what you said, but I would say this.

If you said what you just said verbatim to me in 2008, 15 some odd years or whatever that was, 17 years ago, I would have agreed with every word too.

If you said that to me in 2004, and people were saying this in 2008, that argument that you just said was everywhere.

It was everywhere.

That was the most popular argument was the dollar's doomed, too much debt, you can never grow your way out of it.

2007, 2008, that was the narrative.

And it didn't happen, at least to the extent that it did.

So it's not to say that it can't.

Of course it can, it's happened elsewhere.

But I think the mechanism that will cause it is not as obvious as it can be made out to be.

And I would say this, as recently as this year, in the last eight weeks,

When shit hits the fan, what do people buy?

By and large, it's still treasuries and dollars.

And so people can say they don't trust the dollar printing too much money.

You can say that all too long.

They say that, but what do they actually do with their money?

Now, will that last forever?

Probably not.