Patrick Boyle

I made a video a little while ago where I talked about, you know, the example of Paul Volcker in 1981, you know, sort of given credit with in the United States, he sort of stepped in when inflation was way out of control, hiked interest rates to about 20%.

Obviously, you know, Ronald Reagan at the time would have been furious, like you're killing the economy, right?

But it got inflation under control and interest rates come down and the US economy booms.

And that's sort of a heroic story.

But

the US national debt was way, way, way smaller back then than it is today.

And you can't do that today because if you hiked interest rates that high today, the interest that the government has to pay on their debts will cause so much, so many problems that it would, it just, once again, things are, you can't hold, the same medicine doesn't work the second time around because it's not exactly the same illness, so.

Well, you know, there's an interesting thing.

There's actually a funny lag that's occurred with the price of fertilizer.

And the reason for this, you would expect the fertilizer issue to hit a lot harder here in Europe, but the Europe

instituted a new, like a higher tax, like a carbon type tax or something like that on nitrogen fertilizer that was going to kick in around now.

And so all of the farmers knew this was coming.

So they front-loaded.

They stocked up with loads of fertilizer, a year or two of fertilizer, because get it now before the carbon tax hits.

So the farmers in Europe are great, not in the UK, because the UK wasn't going to be hit by this.

But actually, Europe is kind of OK for fertilizer.

But the problem is that the next lot of fertilizer coming out

People don't realize this.

They think, what's fertilizer?

It's cow poo.