Peter St. Onge

But when you zoom out and look at the big forces, I think

you have got a sort of structural advantages towards rich people, which means towards people who own assets.

You have structural pushes towards continued inflation.

It is inconceivable that that's going to reverse on its own.

If you go back through history and look at periods of inflation, they do not end on their own.

You do not get

I think the closest we had to an inflation that fixed itself was Paul Volcker.

He was a mistake.

Jimmy Carter appointed him as a hard money Fed chair.

I don't think Jimmy Carter knew what he was doing.

I think in retrospect, he would never have done that.

It was a mistake.

We got lucky.

But historically, when you look at inflations, they don't reverse on their own because it's too profitable.

It's very profitable to print money.

So governments will keep doing it as long as humanly possible until something breaks, until something breaks so bad that the people get upset and then they get out the pitchforks.

So, you know, the system at this point, when you look at how it's handled past crises, it's kind of got a playbook worked out, which is that anything, anything bad happens, you dump a trillion on it.

if the fire doesn't go out you dump another channel you just keep going right covet it turned out nine trillion which is what it says yeah so that's the playbook if you own assets right so you know if you sort of zoom in on the period uh you know through coven so all through you know from 1916 on 2016 on uh 1916 too you were making money every year because the economy was doing well and then when the economy collapsed what happened you made even more money

Without ruling out the possibility that we could, you know, it's possible we have a bus that's so big that they can't bail it out.

But, you know, when you look at a system like that, that is, I mean, corrupt beyond belief, but it's corrupt in turning you into a millionaire at the expense of people who don't hold assets.