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Is the Slowdown in Demographics a Foreshadowing of Lower Growth?
Japan has really been the playbook for all of this stuff, whether you even look at QE and fiscal policy. And I think that's already playing out across the entire developed economic system. We're seeing this sort of reversal of some of the hyper-globalization trends where the US is becoming a little bit more of a closed economy. So it's one of these big secular trends that makes it hard to foresee high inflation or return to 1970s.