Philip Patrick

And I think the only way to get out of this is to inflate our way out of it.

And I think there's a realization of that around the globe.

There isn't a better currency than the dollar today, right?

If there was, we would be flocking from the dollar to the Chinese yuan or whatever it might be.

But this is a systemic issue across the West and across the globe.

And gold is always the safe haven.

How do we get out of it?

It's not going to be austerity, right?

It's not going to be paying down the debt.

Look at every situation since 1913.

It's been default that has been most common, right?

I think Canada was the only example since the early 1900s

that successfully deployed austerity to get out of a debt issue, growth is problematic as well, right?

It helped off the World War I, but there was demographic and productivity tailwinds back then that just don't exist today.

But even things like rapid productivity gains, think about AI, for example, probably can't save budgets, right?

Higher productivity tends to lift wages and interest rates together.

because lenders demand higher yields on debt when the economy looks hot.

In other words, with debt levels this high, good news becomes bad math.

Essentially, prosperity itself can accelerate a debt spiral.

So when we put all the pieces together, we start to see the picture.