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This is Scott Becker with the Becker Business and the Becker Private Equity Podcast. Today's discussion is inflation in the federal debt. So here is the issue that we're talking about today. There's a lot of discussion about constantly watching the Consumer Price Index or the Producer Price Index or different variants of it. And then there's a lot of pressure on Chairman Powell or soon to be perhaps Chairman Warsh to reduce interest rates to make it cheaper for the government to borrow, and with the idea that it'll be easier for others, businesses and individuals to borrow at lower cost. Now, the challenge here is this all sounds good on paper, this concept of reducing interest rates. But the reality is when the government's our biggest spender, by far the single biggest spender in the country, and it keeps expanding debt and keeps on spending and continues to push forward on federal deficits, it's really hard to truly bring down inflation. When your biggest spender is a spender that's like a drunken sailor spending on steroids, that is antithetical to bringing down inflation because if the government keeps on putting more money into the economy, then it drives up the cost of all kinds of goods and services in the economy and it makes it very hard for anybody to truly fight inflation. And you can't really bring down interest rates when the real cost of financing and bonds is really driven by who will buy those bonds and people won't buy them at lower and lower yields, lower and lower interest rates if that federal deficit is exploding. So you've got these different thoughts that are talked about in government that are really counter to each other. So fighting inflation, sure, but you got to slow down government spending to do so. Bring down interest rates, sure, but you got to slow down government debt to do so. So you've got the situation where inflation and government debt are working at odds of each other and not an easy problem to solve in any event. Thank you very much for listening to the Becker Business, the Becker Private Equity podcast. I'll put a couple footnotes on this. This is that at the end of the day, we often say debt kills companies, countries and families. And we think that's very true. It just puts so much stress longer term on all three of those companies, countries and families. We are seeing a spot now where you're seeing more and more defaults on private credit loans. So we'll see if this plays through. But again, the real issue today is inflation and deficits don't work well together. Talk about this more. Thank you for listening to the Becker business and the Becker private equity podcast. Thank you very much.