You know, we were talking about inflation.

And I think another way to describe this dynamic, as you were describing there is this kind of a race between real growth,

the expansion of actual delivery of goods and services in the economy, and the increase in the

money supply, which again is just is not the wealth itself, is just a call

option on that wealth. And so long as the expansion of the money supply is close to or a little

below, can even run a little below,

can even run a little above that expansion in goods and services,

it's almost imperceptible, right?

That the effectively central bank or the government more generally

is harvesting this economic surplus that's being created

by just creating, you know, diluting the

interest of others through expanding the money supply. So, I mean, I think that's a really important

understanding is it's not, you know, the illusion is that assets are becoming more valuable because the actual

numerare through which we are interpreting the value is being diminished, right? So the value of your

home may be increasing year every year, but it's not it's not the actual value, right?

It's the nominal value.

And effectively, it's a tack.

This is why it's a tax because they're just scraping a little bit off the top of this

economic surplus that's being created by real actions of real productive market actors.

And so it's insidious in a way in that it's illusory.

And this is, I'm always astounded at how effective this illusion has been.

We're recording this in December, mid-December, 2021.

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