Morgan Housel

But the mechanism of...

We've printed too much money, it doesn't work, too much debt, don't trust the politicians, don't trust Trump, whatever the narrative might be.

What people are still doing with their money is there.

The other thing I would say is, you mentioned a very interesting statistic, which is that in the late 1990s, US dollars settled 70 some odd percent of payments, and today it's 50 some odd percent.

What did interest rates do during those two periods?

They fell like a rock.

And this is another.

Your statistics are right.

You're not making these up.

You're saying right things that are actually true.

But the consequence of that, I think, is less fitting with the narrative of what you begin with.

Because in the 1990s, when dollar dominance all day long, interest rates were higher than they are right now.

So it's like- But what do people do during the COVID meltdown?

when it really looked like we were on the verge of Great Depression 2.0, and probably should have been.

We got a very lucky outcome, I think.

What did global investors buy during that period?

Treasuries.

Yes, and it did in 2010, 2011 as well.

I'm not unnerved by it.

I'm not complacent about it.