What Do You Think of the Global Balance Sheet in 2022?

Global wealth on paper went up by another 100 trillion during the pandemic. But in 2022, we've just seen the global balance sheet shrink a little bit for the first time. I think it's clear there's going to be a lot of supply for savings. We haven't just got that trend in the advanced economies. We've got that trend building up in more and more developed economies. There is obviously a supply of debts but there's also a demand for it.