The Hidden Forces of the Debt Cycle

There has been a sense, I think, that lots of people have had that there are underlying hidden forces to reference the name of another great podcast. And based on perhaps media or just sort of social media narratives, that's often attributed to just sort of Fed policy. It sounds like part of the underlying thesis is that there are actually deeper structural forces that the Fed and other central banks are themselves subject to. The record of the decisions made over the course of the last set of decades to address demographic changes and what that has left us with the debt cycle.