Olivier Blanchard

And in that environment, it's hard to blame them for erring on the side of excessive stimulus.

Also, there's research, for example, by Ben Bernanke and Olivier Blanchard that the fiscal stimulus also contributed importantly to inflation, not just the monetary stimulus, right?

Absolutely.

It was really a combination of factors, the fiscal stimulus, and then on what economists like to call the supply side, the cost of so many goods spiked because of the famous supply chain disruptions, and just the lack of availability of many of the basics and consumer durables.

Nobel laureate Milton Friedman famously argued that inflation is, in his words, "always and everywhere a monetary phenomenon," a position that shaped decades of central banking.

However, economists like Robert Barro and later Olivier Blanchard pushed back specifically on oil shocks, showing that supply-driven price hikes behave very differently from demand-driven inflation, and that traditional monetary tools are blunt, costly instruments against them.

That's the exact debate Ghalibaf is dropping into, whether he knows the academic literature or not.

So here's what he actually did.

Yeah.

Uh, Olivier Blanchard.

I mean, I'm not saying they're all the same.

I debated Peter Thiel, actually, about this.

So what point do the chickens come home to roost, and do they come at all, or will they at all come, and therefore, are governments only kicking the can down the road, including in India?

So Olivier Blanchard has a simple formula.

The rate of GDP growth should be higher than the rate of the growth in debt of your borrowings.

So if you can service your debt...