Is There a Secular Shift in the Deferred Compensation Scheme?

We've seen a secular shift in the deflation, disinflation versus inflationin paso. 35 trillion dollars coming out secularly, is also very inflationary. The fed has been conditioned that once we see these types of inflation, the fed steps in to fight the inflation. And so it leads to this conclusion that if the fed tries to tighten, what you're likely going to see before very long is a decline in tax receipts.