All right, Alexander, let's talk about the global economic situation, or maybe we can focus in on the economic situation in the U.S., maybe discuss the economic situation in China and maybe even talk a bit about what's happening with the economic situation in Russia as well.

But let's start things off with the U.S. and what's happening in the United States.

Well, what we are seeing play out, it seems to me, in this election year,

is that the cost of bionomics, if one can dignify the policy of the

administration by word, that the costs of binonomics are increasingly starting to show.

Now, from the moment this presidency was elected, came to office back in January 2021, We had been discussing on the Duran, the fact

that it has this enormous tendency to overspend. And it keeps the economy floating on a vast

amount of spending. And we said back in 2021 that that was going to cause inflation problems,

which it did. And then when the Biden administration decided to launch an economic war against

Russia, disrupting energy supplies in Europe and all that.

We said that that was going to cause inflation to go up still further, which it did.

And the administration has since then continued in its overspending ways. It's running massive budget deficits. It's putting up

debt at the rate of a trillion dollars every three months, apparently. And the result, surprise,

is that inflation is turning out higher than everyone had predicted that it would

at this point in the economic cycle. Everybody except us, by the way, just to make that point.

And this is what happens. If you go on spending money in this kind of way, at this kind of rate,

spending money beyond the capacity of the economy to absorb that money, you are going to get higher inflation. Now, that has all kinds of

consequences. The way the administration is spending money, many people have been

talking about the fact that it's trying to achieve some great industrial rebound in the United

States. In fact, as we've seen, industrial production has been either flat or contracting at various points over the last 12 months.

It is not creating an industrial rebound.

What it is doing is it is sustaining some parts of the asset structure.

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