Steve Saretsky

That's great.

I mean, again, that was kind of the point that I was going to get to, Keith.

You kind of beat me to it, which is to say, like, governments aren't going to stand by idly and watch their yield curve blow out, you know, and watch sovereign debt markets implode, which is...

I disagree.

Right.

Yes, of course.

This is how quickly they can react.

So you'll have a sort of a temporary spike.

How do they manage it and how quickly can they get it under control is obviously up for debate.

But clearly, they're going to have to do something.

And whether that's QE or some various forms of financial repression, I mean, I argue it's already being done to some degree.

Do you think that –

This is like a bull case to get some form of gold standard back, which is to say, as your government debt issuance market basically blows out, that you have to get some sort of new anchor to come in.

And I'm not saying it's a gold standard again, but for example, there's been a lot of discussions online where you sort of revalue or reprice your central bank gold holdings.

to provide some stability in a time of a crisis?

What do you think the likelihood of that is?

Don't list all 25.

and you know whatever taiwan like what's the what's the theory there is the theory like we're just gonna like in a time of crisis and you needed gold for example that you would just nationalize these gold mines what i mean jesus don't give them any ideas take it away but they're trying to naturalize your your your mind right now you're trying to thought like listen say it was dumb to get rid of the gold reserves it was dumb at the time it's dumb now fine but i'm just saying canada is an enormous country with i think

I do find the, Rich, I'm sure you'll kind of help us unpack the numbers.

But anyways, two consecutive quarters of negative GDP growth in Canada.