host: roben farzad?: the national debt, sometimes you wonder when you invoke it, you feel like the guy on the washington mall. with the poster. are you paying attention? it's swelling and swelling, administration to administration, pandemic, financial crisis, yet we have to reconcile that between our competition with china where industrial policy and national champions, essential industries talking semi conductors and artificial intelligence. electric vehicles. there was a great story in the journal a couple of days ago about the u.s. really sending trade representatives to plead and not export inflation. we don't live on an island, economically, anymore. important industries that are hardwired to climate, you want to have bonuses for people because of the externalities of carbon aren't being counted. but i see the argument, there is a lot of spending right now without a lot of fiscal discipline. there is a premium given to that. the market is not punishing bondholders, treasuries. it's still the currenc