d of time, youerio can spend more than what you earn. that is called debt. we have debt cycles. there is a short-term debt cycle . , that eases burden --y increase the spread money goes out to the system. when we are bidding up asset , we make items that are cheaper others interest rates go down. we have that business cycle we are used to. when that cycle gets past a certain midpoint mother is a tightening of monetary policy. -- there is a tightening of monetary policy. you have inflation, gets too tight and that cycle goes down. we are in the mid-part of that cycle. hence, we are having a conversation we're having paid there is the long-term debt cycle. the long-term debt cycle, imagine you start up with no debt. low debt to gdp ratios. start off with no debt. borrowans you can $10,000 ear because you have no you can spend $110,000. you are spending somebody else's income. they are earning more, so they can spend more. until you get to the point where that's rise to much relative to the income, like a balance sheet. all central banks are in the business of helping that cycle go