We are in the midst a big crack of boom when you're just printing and spending that much money

You are going to depreciate the currency and not necessarily depreciating the currency against other currencies, but depreciated against assets.

There is a real risk that going forward there's going to be less confidence in the US government.

Okay so let's start off with kind of your overall macro view because I haven't spoken with you and probably, I mean at least six months so what's kind of fresh on

your mind so what I think is happening right now is we are in the midst a

big crack up boom and as as your readers maybe you're familiar with, a crack

out boom is raised basically when the asset markets appreciate because the currency is depreciating.

Now when I'm thinking about the crack of boom I'm not really

thinking about the Fed. As we all know the Fed has tremendous influence but at the end of the

day it's the commercial banks that create money, but also the government when it issues debt.

Because in the modern financial system,

Treasury securities aren't very much money like assets.

And so what I'm seeing is that the US Treasury, the US Congress, the federal government,

is basically going to be spending trillions and trillions of dollars forever.

So recently, the Congressional Budget Office, the CBO, which is the agency that makes forecasts on these things.

They came out and they came out with the forecast and they're saying that, you know, from now and

till basically forever the fiscal deficit is going to be about 5% of GDP. Now this I think is a really big paradigm shift and why the future

will not look like the past. In the past we always had all these people talking about the deficit,

how it's too big, we got to be careful and so forth, but all those guys are gone now.

Now the CBO is in government agency and it's obligated to make projections based on current law.

So all they do is they look at what's been passed

and make a projection based on that.

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