Rich Diaz

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What do you say, Steve?

To play devil's advocate, and I know we've tossed around this idea before, but

I just don't see a scenario where governments just let yields rise to those levels.

I mean, obviously, you can't fully control markets, but I mean, that's not what central banks and financial repression are for, which is you just move the goalposts.

You change the rules of the game.

Maybe you require banks to hold –

know more longer duration bonds um central banks come in and buy more i don't know like you mean obviously like you're gonna have to make a decision between the currency and the bond market but the logical answer so the response to you know with governments you mean central banks because yes if you don't believe this go speak to your local government person and ask them about the yield curve

Yeah, yeah.

I mean, the low was like the HSBC.

They had an insured mortgage for 0.99%.

I'd say about four and a half.

They went into the corporate market in the pandemic.

it was relatively short.

Now they were in there.

That's kind of my point.

Could you not just say, hey, pension funds and commercial banks, we're requiring you to now hold a larger weighting of government bonds?

I think it's just interesting from like – it's certainly not going to be a straight line.

I think one of my favorite people to listen to on that, maybe we can get him on a show at some point, is Russell Napier.

He's written a lot about like financial repression and some of the mechanics of how he thinks it's going to play out.