If you look back through the history of capitalism,
there are what’s called a debt-jubilee period. And there’s a number of people that have been
starting to– Ray Dalio is kind of hinting at this. But you’re right, the left is rising and the
right is rising, and the left, especially, is very anticreditor. So if you’re in the left wing in Europe and
you’re a millennial, you see the baby boomers of Europe have saddled these countries with
debt, and these young people are looking at this debt load and saying over time each year
that goes by, I don’t– at some point, there’s going to be a movement strong enough to walk
away from that debt. If you look back through the history of capitalism–
maybe you can explain a little bit too– in the Bible there’s references to debt jubilees. It’s a debt reset, and I think that that’s
what we’re heading to in the next– I think anywhere between two to five years there will
be some type of debt jubilee or debt reset. I actually agree with that too. David Zervos has been talking about this as
well. I think Japan’s going to be the first place
to look at it because they’re more advanced with this whole debt cycle. And the point being is the central bank already
owns and 60 odd percent of the debt. So at what point does the central bank in
the next recession just end up owning all of the debt and then saying what debt? It’s gone, right? That accounting trick–
What do they call it, a coin? You create a coin. Yeah, whichever way it’s done, that accounting
trick is a debt jubilee, essentially, because you say to the government, OK, that debt’s
written off. Now the central bank own it. We’ll call it quits. There will be, obviously, some repercussions. What that is, it’s probably the currency collapses.