All right, Alexander. Let's talk about the U.S. economy. Interesting statements from Janet Yellen the other day.

Inflation is transitory. She's taken that one back. So that was quite an admission from Yelan.

And some admissions from Biden during his state of the union, which are pointing towards some trouble ahead for the

U.S. economy. inflation looks set to rise again and increase in taxes if Biden is to be reelected.

It looks like that's where things are heading towards. What are your thoughts?

An iron rule of politics, if people tell you that inflation is transitory, it means that they're

worried about it. In other words, inflation is in fact coming back. And we're seeing more and more

signs of this. Inflation in the US is rising. Obviously, there's the headline inflation that we get from

the official numbers, but inflation for many consumer items is rising much faster. And I don't think this

is controversial. The headline figures are suggesting. So inflation is rising. And when Janet Yellen tells us that it's

transitory, just as happened, you know, if you remember back in 2021, 2022, when, you know, it all began then,

well, if they're telling us that it's transitory, then you know that it's serious and it's going to get an awful

lot worse. So that's the first thing to say. Now, about the US economy in general, I think it is

clear that the Biden economy is a runaway train. The Biden people, ever since they were first elected, you know, first came into

office, have been pushing down the pedal on the fiscal accelerator. And this is what is giving

the US these big GDP numbers. Now, we discussed in

2021. We were the first people to do so at the time, how that was going to result in higher

inflation. And in 2022, sure enough, we got much higher inflation. I mean, it went up to, was it, 9% or something like that?

It was very high. And of course, their economic war against Russia played a role in making it even higher than it would otherwise have been.

But then we saw things start to fall back, partly because the initial inflation

surge, as things sometimes do, ebbed, partly because the Fed raised interest rates, partly because

the administration itself was pumping out oil from

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