Is the Debt Driving the Economy?

If you're a central banker right now, my view is the debt. Yeah, it's retired. It would be the guy who had to do it. Just bring it to the two-year bond market and say, you figure it out. Because the issue is, with this much debt, you break the economy really fast. So can the economy even have positive real rates for a period of time? I look at the five-year break-evens and the move has been gigantic now. And it feels like everything's going to break. Can you have inflation in a big debt-driven society? How are you thinking through it? Well, I think at the end of the