What Parallels Do You Draw From History to Today?

The most recent period that's analogous of this is the late 30s. We're well along in the business cycle, the short-term debt cycle. Central banks are tightening monetary policy. That's where we are in that cycle. Similar to then, we have because of the printing of money a greater amount of polarity,. I think this is an important issue. And that political polarity causes populism around the world.