The Pros and Cons of TLT

I think the world has changed you and what I find about this sort of TLT is actually two problems. One is lyrical, another one is structural to do more technically driven. So we're going to talk about politics first and I'll give you the technical stuff as well. What I am saying is that the world that's been in existence since 1980, is this deflationary world. And so it's a very deflationary environment. The reason why deflation kept coming along was that governments were elected to create deflation. Now if we do get us so down in growth, I would expect governments to increase spending. Government's going to raise wages at doing policies to help wages grow. And