Look at these moves that are taking place.

You said you don't think modern monetary theory is going to come back for a long time to come.

At least I think that was you. Maybe it was Mick.

These are some pretty difficult lessons that we're going to have to learn.

What would you equate it to? Because you've been watching the bomb markets for a very long time.

Yeah, it's not only modern monetary theory.

It was never a good idea. It was a stupid idea.

And we're seeing living proof of that.

You can't print forever and think you can get away with it. Look at what the pound's doing.

But I think if there's a lesson to be learned here, it's the fact that central bankers in general and governments in particular have this unique relationship that we need to find a way to separate.

And it isn't necessary a political relationship. It's an enabling relationship.

They are enablers by these low interest rates and hanging out at zero for so long.

They allow governments to do anything. They allow companies to remain that should have died.

They ruin the entire infrastructure of global finance.

And to think that it's going to come together easily or if central banks have any plan, there is no way to put this Humpty Dumpty back together.

There needs to be lots of financial destruction first.

And from that, the Arizona will rise.

The best fertilizer for the global economy right now is for all of these issues, whether it's foreign exchange, government debt, corporates, all of these financial instruments have to be pushed down to some level that represents true risk to value returns versus the pie in the sky.

The valuations and returns that many were getting with virtually no risk. Okay, welcome back. It's 22 September in the year of the 22. Remember, we're going to play this over again.

That will be known as equivalent to the Tea Party scream he had back.

And I think it was in March of 2009 that became the rally cry for the Tea Party.

All of these instruments have to be pushed down that is they're talking there about capital markets about reality, the physics of capital markets prices truth that you can't run and hide from this, you know, with this modern monetary theory, you know, we've been saying the entire structure of world finance is based around low interest rates, negative interest rates, and that eventually was going to catch up and collapse or starting to see the beginning of this.

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