Hello fellow rebel capitalists hope you're well. I wanted to go over an idea that I think might be a blind spot for a lot of us me included and I think it's going to be very important to understand how this works or to give this some thought to determine what the 20-20s might look like.

Because although I think we're going into a period of

disinflation going into 2023 and depending on how bad of recession we get it

could even be deflation I think overall the decade is going to be an

inflationary decade very similar to the 1970s or the 1940s.

And going back to the last GFC,

we know that the big problem, or one of the big problems,

was there was all this debt and we didn't have the cash flow to service the debt.

If you want to look at it more specific terms, we had all these people that took out mortgages,

they couldn't pay.

And when those rates adjusted,

the default rate went up to a point,

and although it didn't go up very much,

but it did go up to a point where a lot of the mortgage-backed securities or mortgage-backed

sausages which was basically these mortgages that are packaged and

bundled and securitized and then sold to Wall Street.

They pawn them off on pension funds or, you know,

whomever is just searching for yield.

The problem is the default rate went up to a point where a lot of these mortgage-backed securities lost value, significant value.

And because they're on the balance sheet of everyone in their mother,

and because they were used probably more importantly,

in the Eurodollar market as collateral, we saw the whole system implode because all of a sudden

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