So, when you run large deficits and it means you have to sell a lot of debt, the government does, and you get selling by those who are holders. "They look at everything not in inflation-adjusted terms, but when you have that shift, like we're having that shift now, then they begin to realize as inflation picks up, that holding those assets is not attractive and then they start to sell more. dollar continues to drop amid concerns about the long term growth of the economy. equity markets, and money is flowing out of cash as the U.S. Investors continue to put money to work in U.S. I needed to study enough time, and these things go in cycles, you know? No dynasty or empire or world order has lasted forever." So I needed to study as I think about the effects of great monetization and the political conflict and the rise of China. And in history, you know, it happened many times.
And so each of them did not happen to these degrees since the 1930 to '45 period.
And then the third was the rise of a great power, China, to challenge the existing great power and the existing world order, which began in 1945. But it also has a lot of bearing on our society and our future. The second is the amount of internal conflict, political conflict, between the left and the right, which certainly has bearing on the markets and tax policies and all of that. Well, the three things that are happening today are an enormous amount of debt creation that is being monetized and is passing through the financial system and our economy, in a way. That's why I studied the Great Depression, which happened in 2008. And I learned, you know, over my over 50 years of investing, that the things that surprised me the most were things that didn't happen to me, in my lifetime, but happened before. "Well, it was a research study that I was doing because there are things that are happening now that never happened in my lifetime before.
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