With the debt now at $40 trillion, how much of this ultimately gets paid for through inflation and a weaker dollar?

I think that's clearly what they're trying to do right now.

We've seen it play out with some of Scott Besson's interventions in the bond markets and things like that.

We have Kevin Warsh, who has spoken a good line about being a dollar hawk.

President Trump has wanted easier rates, lower rates.

So we'll see how that conflict goes out about that.

I mean, Fed independence has largely been a farce rather than something operational.

Is this our children's generation? And what does that fallout look like?

So much power, so little, uh, give

Yeah, and yeah.

Is, you know, I, guy ...

That's why I, I, you know, re- regardless of outcomes, this is just where I see things inevitably heading, and I don't see ...

Like I, I, I think that there was ...

I, I, I could, I could have bought the possibility for Trump 2.0, um, kicking the can down the road in a way of making some meaningful fixes and maybe having a slight decrease to the budget using DOGE as an easy button that would have taken off some of the pressures that have been building up for quite some time.

Um, could have demonstrated that- ... policy that, that, uh, elections had consequences, et cetera, et cetera.

So like monarchs or things like that?

And with the euro in the shape that it is in, with the yuan facing its problems, with BRICS not really delivering on its promises of a contained economy, the dollar is still a pretty good bet, even though we're printing it like it's going out of style.

There is some truth to that.

The dollar is still the cleanest shirt in the laundry.

The problem is that the entire world has become saturated in debt, particularly after 2008.

And you can throw China also in that mix.

I mean, their debt to GDP is even higher than ours.

And I understand that the debt problem, it can kind of come across very boomer-coded.

What do you think are some of the medium-term effects we're going to see from this global debt crisis?

I know it's old news in this day and age's news cycle, but I wanted to talk to you about it and see what do you think this means for the libertarian movement and right wing politics as a whole here?

We'll start with the latter first.

And I mean, it's definitely very clear that Thomas You know, kind of the spirit of 2024 was a very broad coalition.

I think libertarians, you know, I don't want to overstate the size of the coalition there.

But I definitely think when you bring in, well, let's call them unreliable voters, either because they are habitual third party people, which is effectively exiting the system or just don't show up usually.

I think being able to tap into that well of support helped make the difference in the margins in certain states.

And obviously – and this is a byproduct of anytime you actually succeed, keeping every party happy is very difficult, and libertarians are particularly unhappy to please because they don't want you to do anything, understandably so.

What are your thoughts here?