I'm asking myself is, yeah, it looks a little bit like the 1970s, but are we sure it's not going

to be worse than that? I mean, most people when you have this conversation, kind of assume it

can't be that bad, and they can't really envision double-digit inflation in the US, but we're

already there with the UK, the number of countries with double-digit inflation in the world is

already north of 40, and it will soon be a higher number than that. And so I asked myself, why shouldn't

it be as bad as the 1970s? Why shouldn't it actually be worse? I mean, let's think about why it could

be worse. Let's think about productivity growth, looking at the supply side. That's actually worse

than in the 1970s. Let's look at the level of debt. It's actually higher than in the 1970s. What

about the demographics? They're clearly worse than in the 1970s. Steve inflation is the place to

start here. The central banks, I think, became rather full of themselves in the period after the

financial crisis. They've been a little overconfident when they talked about the great moderation.

Then they decided that they'd saved the world after 2008, and were the only game in town.

But I think they made a fatal mistake early last year, when the Fed Chair Jay Powell said,

look, we don't really worry about inflation. Inflation is not going to be a problem the way it was

back in the 1970s. In fact, we wouldn't mind somewhat higher inflation. In fact, we're going to

change our targeting regime to an average 2%. This was a signal to ordinary people of what economists

call a regime change. Okay, a regime change. Right there. By the way, welcome back. It's September

in the year of roll or 2022. We're going to go out to Washington, three in Joe Kent in a moment.

We started the show in New Hampshire, and we're going to start the second hour in the great state

of Washington with working-class folks out there. Cortez, and the reason for the audience,

this is important, is that we try to use this show. We're like the pathfinders. You got Cortez,

Navarre, and Bratt, and all these economics, and all the hedge funds, the big smart hedge funds

...