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welcome to money is freedom

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a podcast

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exploring how finance and freedom connect in our lives

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created from thoughtful research

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and narrated by Notebook LM AI

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this series brings you clear

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meaningful insights into finance and beyond

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in episode 31 of money is freedom podcast

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we delve into the concept of fiscal dominance

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and its implications for global economies

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fiscal dominance occurs when government debt levels

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and fiscal policies

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significantly influence monetary policy decisions

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potentially

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leading to higher inflation and interest rates

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we explore how governments can proactively manage debt

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to maintain market confidence

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and ensure economic stability

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hey everyone welcome back

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we're diving into some pretty intense stuff today

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macroeconomics and finance

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but don't worry we're gonna break it all down

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so you don't have to be a Wall Street wiz

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to understand what's going on

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sounds good to me it's all about

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how government actions are shaping the markets

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like in ways we haven't seen in decades

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you know definitely

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we're talking about big shifts

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big changes

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our guide for this deep dive is this article

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from Crypto Daily

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it's called The New Era of Fiscal Dominance

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interesting title it really gets into it

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like why the Fed hit pause on rate cuts

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what's happening to our savings

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with all this crazy government borrowing

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even how venture capital is being shaken up

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so basically

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this article is pointing to a major power shift

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hmm in the financial world okay

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I'm intrigued tell me more

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well for a long time

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the Federal Reserve hmm

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you know the Fed

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they've been calling the shots

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the monetary policy but now it's different

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how so government spending and borrowing

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are taking center stage hmm

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it's what economists call fiscal dominance

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yeah fiscal dominance

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that sounds kind of intimidating

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it can be it basically means

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the government spending and borrowing

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are now driving the economic bus

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instead of the Fed so

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the feds lost control in a way

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yeah it's like

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imagine the economy is a car

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okay I like this analogy

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years the feds been the one at the wheel

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you know controlling the speed in direction

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yeah with interest rate policies

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but now what

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now the government with its massive spending plans

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it's like they're slamming on the gas pedal

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and the fence just trying to hold on

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exactly and we're already seeing the impact

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you know persistent inflation

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the feds recent pause on rape cuts right right

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it's all evidence of this power shift

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this fiscal dominance thing

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right and

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you know the article actually

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compares the situation to the 1970s

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uh oh The 1970s

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not exactly known for economic stability

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not really that decades

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saw a lot of inflation and market volatility

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because of similar policies

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and they say the US fiscal deficit is even worse today

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much worse yeah

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which means

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even if the Fed tries to lower interest rates

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those long term rates the ones that affect mortgages

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business loans they're probably gonna stay high

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most likely

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it's like the government's borrowing so much money

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that it's creating this upward pressure

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on interest rates no matter what the Fed does

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exactly wow

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okay so that's one piece of the puzzle

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what else does this article highlight

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well it also dives into this thing called

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the reverse repo facility

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the reverse repo facility

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it's basically a tool that the Fed uses to manage

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how much money is circulating in the market

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think of like a giant piggy bank

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oh a giant piggy bank for who

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for financial institutions

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they park their extra cash there

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got it so what's happening with this piggy bank

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we used to be overflowing like over $2.3 trillion

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seriously but now it's practically empty

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empty wow

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okay why does that matter

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because it means the US Treasury

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now has to go directly to the markets to borrow money

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that can pull liquidity away from other places

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like the stock market even crypto

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oh no

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that doesn't sound good

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it can lead to higher long term interest rates

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and even more instability

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so it's like

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the government's competing with everyone else

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for money you got it wow

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and then there's this whole concept of inflationary d

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leveraging inflationary d leveraging

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that sounds a bit counterintuitive

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usually

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when you think about getting rid of debt de leveraging

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you think prices would fall right

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you would but that's not what's happening

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the article argues that we're seeing the opposite

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so instead of a sale at the store

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things are getting more expensive

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basically the government is borrowing so much

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that it's increasing

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the amount of money in circulation

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right and when you have more money

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chasing the same amount of goods and services

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you get inflation okay

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I'm starting to see the problem here

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so we've got the government driving up interest rates

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draining liquidity and potentially fueling inflation

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it's a lot what can anyone do about it

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well there's this other thing the article points out

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the Fed is quietly restructuring its balance sheet

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what does that mean

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instead of holding a lot of long term bonds

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they're switching to more short term t bills

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so they're like rearranging things behind the scenes

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exactly it's all about giving

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the Treasuries some breathing room

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to refinance its debt

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without officially restarting quantitative easing

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quantitative easing that's like printing more money

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right pretty much

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so they're trying to avoid that

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it's a delicate balancing act

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yeah and it's making a lot of investors nervous

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I bet all right

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we've covered a lot already

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fiscal dominance disappearing liquidity

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inflation on the rise

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starting to get a little worried about my own wallet

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here I hear you

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it's a lot to take in

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but that's what this deep dive is for

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understanding

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the forces that are shaping the financial world

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so we can make informed decisions

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you know what before we move on to Part 2

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where we'll explore how all of this is impacting

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venture capital and private equity

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any last thoughts for our listener

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hmm I think the big takeaway here is

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that we're in uncharted territory

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this new era of fiscal dominance

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it's changing the rules of the game

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what worked in the past might not work now

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and that's why it's so important

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to understand these trends right

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okay well said

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so folks stay tuned

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cause it's only gonna get more interesting from here

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okay so

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we've established things are getting a little crazy

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in the world of macroeconomics

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little bit yeah

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but what really got me thinking

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was this whole 1970s playbook thing

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from the article

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the idea that we might be repeating some of the same

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economic mistakes that happened back then

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it's a comparison worse considering for sure

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the 1970s were a pretty turbulent time

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high inflation sluggish economic growth

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not a good mix not at all

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and what's worrying is

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many of the same ingredients are present today

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like what well

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the article talked about how back in the 70s

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the US government was spending heavily

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on things like the Vietnam War

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social program right

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right and that combined with yeah

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loose monetary policy from the Fed exactly

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it really fueled inflation yeah and just like back then

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we have global events adding fuel to the fire

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oh yeah like what

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in the 70s it was the oil crisis

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sent energy prices through the roof right

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make sense today you've got the war in Europe

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supply chain disruptions rising commodity prices

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like a recipe for disaster

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it really is

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it's creating this inflationary pressure cooker

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that were all stuck in the article mentions that

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the Fed made some pretty big blunders back then

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oh yeah

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cutting interest rates too soon

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which just made inflation worse

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exactly and then they had to hike rates again

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yeah to fight the rebound

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it caused a ton of market volatility

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it's like they were stuck in this back and forth band

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increasing the risks of something called stag inflation

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stagflation that's the economic boogeyman

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pretty much it's like

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the economic equivalent of getting stuck in quicksand

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oh that's a good one

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you got high inflation

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eating away your purchasing power right

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slow economic growth making it harder to find jobs

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and then high unemployment adding to the misery

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yikes okay

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so are we doomed are we headed straight for stagflation

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well nobody can predict the future

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yeah but the article makes this critical point

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okay what's that

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the US fiscal deficit today

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is far worse than it was in the 1970s

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oh no really yeah

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which means those long term interest rates

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they're likely to stay high

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even if the Fed tries to intervene

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so even if they pump the brakes

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the economy might still overheat

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that's the worry and those higher interest rates

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make it more expensive for businesses

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to bar money invest

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create jobs right

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it impacts everyone exactly

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higher interest rates on mortgages

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car loans everything becomes more expensive right

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you can really put

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a damper on spending and slow down the whole economy

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it's like we're caught in this loop

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the government needs to borrow more money right

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but that borrowing pushes up inflation

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uh huh which could lead to stag inflation yeah

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the Fed is stuck in the middle yeah

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trying to manage this whole mess

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it's a delicate situation right

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but understanding these historical parallels

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and these potential risks is crucial

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we need to adapt to this new reality

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so how do we do that does the article offer any advice

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it does it emphasizes holding assets to generate cash

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okay diversifying into things like gold and bitcoin

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right and basically bracing for more volatility

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hmm okay

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what else what else should we be talking about

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one strategy that's often overlooked is

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focusing on companies that have pricing power

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pricing power what does that mean

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it means in an inflationary environment

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the companies that can raise prices

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without losing customers right

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they're in a much stronger position

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they can maintain their profitability

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even as costs rise so

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I'm guessing we're talking about

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companies with strong brands

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unique products or services

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a really loyal customer base

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exactly think about those brands yeah

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they're so in green in our lives

282
00:10:03,100 --> 00:10:05,400
we don't even think twice about paying a little extra

283
00:10:05,400 --> 00:10:06,700
okay so that's one strategy

284
00:10:06,700 --> 00:10:07,400
what else well

285
00:10:07,400 --> 00:10:08,633
they're also sectors

286
00:10:08,700 --> 00:10:10,166
that actually benefit from inflation

287
00:10:10,166 --> 00:10:10,733
oh really

288
00:10:10,733 --> 00:10:12,866
yeah for example energy yeah

289
00:10:12,866 --> 00:10:14,533
quantities and real estate

290
00:10:14,533 --> 00:10:16,966
they often perform well when prices are rising

291
00:10:16,966 --> 00:10:18,300
they do think about it

292
00:10:18,300 --> 00:10:19,866
if the price of oil goes up

293
00:10:20,100 --> 00:10:21,966
energy companies make more money right

294
00:10:21,966 --> 00:10:24,666
make sense but how does real estate fit into this

295
00:10:24,666 --> 00:10:24,933
well

296
00:10:24,933 --> 00:10:29,300
as inflation pushes up the cost a building materials

297
00:10:29,300 --> 00:10:30,100
and labor

298
00:10:30,400 --> 00:10:34,066
the value of existing properties tends to rise as well

299
00:10:34,066 --> 00:10:34,866
I see plus

300
00:10:34,866 --> 00:10:36,833
landlords can often adjust rents

301
00:10:37,066 --> 00:10:38,500
to keep pace with inflation

302
00:10:38,500 --> 00:10:40,566
so instead of fearing inflation

303
00:10:40,566 --> 00:10:42,600
some investors actually seek it out

304
00:10:42,600 --> 00:10:43,400
they do

305
00:10:43,500 --> 00:10:46,066
because it benefits certain parts of their portfolio

306
00:10:46,066 --> 00:10:47,166
interesting okay

307
00:10:47,166 --> 00:10:49,800
so we've got companies with pricing power

308
00:10:50,533 --> 00:10:52,900
and sectors that benefit from inflation

309
00:10:53,266 --> 00:10:54,800
anything else and finally

310
00:10:54,966 --> 00:10:57,900
in a world as unpredictable as this one right

311
00:10:57,900 --> 00:10:59,900
being nimble and adaptable is crucial

312
00:10:59,900 --> 00:11:00,700
oh for sure

313
00:11:00,700 --> 00:11:02,866
the economic landscape can change quickly

314
00:11:02,966 --> 00:11:05,733
and you need to be prepared to adjust your portfolio

315
00:11:05,733 --> 00:11:08,266
so don't be afraid to make changes reevaluate

316
00:11:08,266 --> 00:11:09,666
stay informed exactly

317
00:11:09,666 --> 00:11:11,766
don't panic when markets dip right

318
00:11:11,766 --> 00:11:14,666
but don't chase the hype when they surge either right

319
00:11:14,666 --> 00:11:16,766
do your research understand the risks

320
00:11:16,766 --> 00:11:18,766
and remember this is a long game

321
00:11:18,766 --> 00:11:20,900
this has been a wild ride

322
00:11:20,900 --> 00:11:23,000
yeah through the world of physical dominance

323
00:11:23,333 --> 00:11:24,933
and it's potential consequences

324
00:11:24,933 --> 00:11:27,166
it has before we jump to part 3

325
00:11:27,166 --> 00:11:29,366
any final words of wisdom for our listeners

326
00:11:29,366 --> 00:11:31,466
you know in times like these

327
00:11:31,966 --> 00:11:33,900
knowledge really is power

328
00:11:33,900 --> 00:11:34,666
I like that

329
00:11:34,666 --> 00:11:38,300
by understanding the forces at play in the economy

330
00:11:38,800 --> 00:11:40,400
you can make better decisions

331
00:11:40,766 --> 00:11:42,133
about your financial future

332
00:11:42,133 --> 00:11:42,933
okay

333
00:11:43,533 --> 00:11:45,066
good advice and remember

334
00:11:45,300 --> 00:11:47,966
it's okay to question conventional wisdom

335
00:11:48,166 --> 00:11:51,700
challenge assumptions seek diverse perspectives

336
00:11:51,866 --> 00:11:54,466
and don't be afraid to think for yourself

337
00:11:54,466 --> 00:11:57,166
love that we'll be back in Part 3

338
00:11:57,300 --> 00:11:59,766
to explore how this new economic reality

339
00:11:59,766 --> 00:12:01,700
is impacting the world of venture capital

340
00:12:01,700 --> 00:12:03,866
and private equity stay tuned

341
00:12:03,866 --> 00:12:05,300
welcome back so

342
00:12:05,300 --> 00:12:06,733
you've talked about how government spending

343
00:12:06,733 --> 00:12:08,333
and borrowing or shaking things up

344
00:12:08,333 --> 00:12:10,500
creating this whole new economic landscape

345
00:12:10,533 --> 00:12:13,500
but what does it mean for startups and innovation

346
00:12:13,500 --> 00:12:15,566
that's where venture capital and private equity come in

347
00:12:15,566 --> 00:12:16,266
right you got it

348
00:12:16,266 --> 00:12:18,266
this new era of fiscal dominance

349
00:12:18,500 --> 00:12:19,966
it's having a massive impact

350
00:12:19,966 --> 00:12:22,100
on how startups get the funding they need

351
00:12:22,166 --> 00:12:23,966
and how investors are making decisions

352
00:12:23,966 --> 00:12:25,666
you know the article pointed out that venture capital

353
00:12:25,666 --> 00:12:27,166
funding has dropped dramatically

354
00:12:27,166 --> 00:12:31,066
yeah they said it went from 320 billion dollars in 2021

355
00:12:31,066 --> 00:12:34,466
down to just 180 billion in 2024

356
00:12:34,766 --> 00:12:37,133
and private equity similar declines

357
00:12:37,133 --> 00:12:39,200
that's a huge drop I'm guessing

358
00:12:39,200 --> 00:12:41,233
those higher interest rates we talked about

359
00:12:41,500 --> 00:12:43,033
and that crowding out effect

360
00:12:43,100 --> 00:12:44,800
they're playing a big role here

361
00:12:44,800 --> 00:12:47,266
they are it's definitely a tougher environment

362
00:12:47,266 --> 00:12:48,900
for startups to get funding

363
00:12:49,300 --> 00:12:51,400
the days of easy money are over

364
00:12:51,600 --> 00:12:53,700
you know when startups could raise millions

365
00:12:53,700 --> 00:12:55,466
just with a flashy pitch deck

366
00:12:55,466 --> 00:12:57,266
and a promise of future growth

367
00:12:57,266 --> 00:12:59,366
yep those days are gone

368
00:12:59,733 --> 00:13:02,366
investors are being a lot more cautious now like that

369
00:13:02,366 --> 00:13:04,966
they wanna see companies with strong fundamentals

370
00:13:05,166 --> 00:13:07,233
a clear path to profitability

371
00:13:07,466 --> 00:13:10,033
and something that can handle any economic storm

372
00:13:10,366 --> 00:13:11,366
a competitive edge

373
00:13:11,366 --> 00:13:13,900
so it's not just less money going around right

374
00:13:13,900 --> 00:13:15,566
the investors who are still giving money

375
00:13:15,566 --> 00:13:16,900
they're a lot more picky now

376
00:13:16,900 --> 00:13:17,700
it's like

377
00:13:17,733 --> 00:13:20,266
the venture capital landscape is going through its own

378
00:13:20,266 --> 00:13:21,966
version of natural selection huh

379
00:13:21,966 --> 00:13:23,966
I like that and it's forcing both

380
00:13:23,966 --> 00:13:25,866
entrepreneurs and investors to adapt

381
00:13:26,300 --> 00:13:28,066
the article highlighted some trends

382
00:13:28,066 --> 00:13:28,666
showing

383
00:13:28,666 --> 00:13:30,733
who's winning and losing in this new environment

384
00:13:30,733 --> 00:13:31,766
okay well

385
00:13:31,766 --> 00:13:32,966
let's start with the winners

386
00:13:32,966 --> 00:13:35,966
who's doing well in this new fiscal dominator world

387
00:13:35,966 --> 00:13:40,033
sectors like AI deep tech and energy

388
00:13:40,333 --> 00:13:42,300
they're attracting a lot of investment

389
00:13:42,600 --> 00:13:43,600
cause they've got huge

390
00:13:43,600 --> 00:13:46,533
long term growth potential and a certain resilience

391
00:13:46,533 --> 00:13:47,800
it's attractive right now

392
00:13:47,800 --> 00:13:49,900
with all this economic uncertainty

393
00:13:49,966 --> 00:13:51,700
investors are betting on these sectors

394
00:13:51,700 --> 00:13:54,266
yeah to drive innovation and make money

395
00:13:54,366 --> 00:13:56,900
even if the broader economy slows down

396
00:13:57,166 --> 00:14:00,633
AI deep tech energy

397
00:14:00,900 --> 00:14:02,666
those do sound like pretty good bets

398
00:14:02,666 --> 00:14:04,900
AI is transforming so many industries

399
00:14:04,900 --> 00:14:07,000
and deep tech is tackling some of the world's biggest

400
00:14:07,000 --> 00:14:08,133
problems plus

401
00:14:08,133 --> 00:14:10,000
the world always needs energy right

402
00:14:10,133 --> 00:14:11,666
it's like investing in the future

403
00:14:11,666 --> 00:14:13,133
even if the present is a bit shaky

404
00:14:13,133 --> 00:14:14,866
you got it and then there's venture debt

405
00:14:14,866 --> 00:14:16,600
it's actually becoming really popular

406
00:14:16,600 --> 00:14:19,533
because it's a way for startups to access capital

407
00:14:19,533 --> 00:14:21,366
without giving up as much equity

408
00:14:21,366 --> 00:14:25,100
wait so it's like alone but specifically for startup

409
00:14:25,100 --> 00:14:27,966
exactly it's a good strategy when funding is tight

410
00:14:28,000 --> 00:14:29,866
because it helps companies reach profitability

411
00:14:29,866 --> 00:14:31,533
without giving up too much control

412
00:14:31,533 --> 00:14:33,933
plus venture debt often comes with warrants or options

413
00:14:33,933 --> 00:14:34,133
oh

414
00:14:34,133 --> 00:14:37,166
so the lender can also benefit if the company takes off

415
00:14:37,166 --> 00:14:38,600
yep it's a win win

416
00:14:38,600 --> 00:14:39,000
okay so

417
00:14:39,000 --> 00:14:42,000
we've got the sectors that are attracting investment

418
00:14:42,466 --> 00:14:44,700
and this rise in venture debt

419
00:14:44,700 --> 00:14:46,100
what about the other side

420
00:14:46,300 --> 00:14:48,833
who's having a harder time getting funding these days

421
00:14:49,066 --> 00:14:51,966
the article mentioned unprofitable unicorns

422
00:14:52,000 --> 00:14:55,200
consumer startups and leveraged buyouts

423
00:14:55,300 --> 00:14:57,200
they're all facing some big challenges

424
00:14:57,200 --> 00:14:58,500
okay let's break those down

425
00:14:58,500 --> 00:15:01,300
what exactly is an unprofitable unicorn

426
00:15:01,300 --> 00:15:02,566
is that mythical it does

427
00:15:02,566 --> 00:15:04,166
doesn't it haha

428
00:15:04,700 --> 00:15:06,500
basically these are companies

429
00:15:06,533 --> 00:15:09,033
that reached billion dollar valuations

430
00:15:09,366 --> 00:15:12,666
based on fast growth and grabbing market share

431
00:15:13,066 --> 00:15:15,000
but they haven't figured out how to make a profit

432
00:15:15,000 --> 00:15:16,966
investors used to be fine with that though right

433
00:15:16,966 --> 00:15:17,833
they were

434
00:15:17,933 --> 00:15:20,100
back when it was all about growth at all costs

435
00:15:20,200 --> 00:15:22,966
but those days are gone profitability matters now

436
00:15:22,966 --> 00:15:24,100
so the focus has shifted

437
00:15:24,100 --> 00:15:25,733
it's not grow at all costs anymore

438
00:15:25,733 --> 00:15:27,100
it's more like show me the money

439
00:15:27,100 --> 00:15:29,666
exactly and then you've got consumer startups

440
00:15:29,900 --> 00:15:32,300
a lot of them rely on discretionary spending

441
00:15:32,466 --> 00:15:34,900
those purchases we make when we have some extra cash

442
00:15:34,900 --> 00:15:37,200
right but when the economy weakens

443
00:15:37,500 --> 00:15:39,366
and inflation eats into our budgets

444
00:15:39,566 --> 00:15:41,200
those are often the first things to go

445
00:15:41,200 --> 00:15:41,933
so I'm thinking

446
00:15:41,933 --> 00:15:42,800
things like

447
00:15:43,366 --> 00:15:44,733
those subscription boxes

448
00:15:44,733 --> 00:15:46,933
that send you random things every month

449
00:15:46,933 --> 00:15:50,166
trendy clothing brands all those on demand services

450
00:15:50,166 --> 00:15:52,933
we got so used to during the pandemic

451
00:15:52,933 --> 00:15:55,766
you got it those are likely the first to struggle

452
00:15:56,300 --> 00:15:57,866
when people start tightening their belts

453
00:15:57,866 --> 00:16:00,333
and then we have leveraged buyouts albios

454
00:16:00,333 --> 00:16:03,600
Yep where private equity firms use borrowed money

455
00:16:03,900 --> 00:16:05,466
to buy companies right

456
00:16:05,466 --> 00:16:06,600
but higher interest rates

457
00:16:06,600 --> 00:16:08,366
make those deals a lot more expensive

458
00:16:08,366 --> 00:16:10,066
so their potential returns go down

459
00:16:10,066 --> 00:16:12,100
so it really sounds like this new era

460
00:16:12,100 --> 00:16:13,466
this fiscal dominance thing

461
00:16:13,466 --> 00:16:15,666
it's separating the winners from the losers

462
00:16:15,666 --> 00:16:17,566
the companies with strong fundamentals

463
00:16:17,600 --> 00:16:21,066
a clear path to profit and a bit of resilience

464
00:16:21,066 --> 00:16:22,666
they are the ones getting the investment

465
00:16:22,666 --> 00:16:25,366
and those that relied on easy money and hype

466
00:16:25,500 --> 00:16:27,333
they're facing a much harder road

467
00:16:27,333 --> 00:16:28,300
that's a great way to put it

468
00:16:28,300 --> 00:16:31,100
it's all about being able to adapt and being resilient

469
00:16:31,100 --> 00:16:32,900
for both entrepreneurs and investors

470
00:16:32,900 --> 00:16:34,466
you gotta be able to roll with the punches

471
00:16:34,466 --> 00:16:38,466
if funding is getting harder to find and more selective

472
00:16:38,466 --> 00:16:40,466
does that mean innovation will suffer

473
00:16:40,466 --> 00:16:41,500
will we see fewer

474
00:16:41,500 --> 00:16:43,900
groundbreaking ideas and new technologies

475
00:16:43,900 --> 00:16:45,566
cause the money just isn't there

476
00:16:45,566 --> 00:16:48,066
that's a good question and a valid concern

477
00:16:48,466 --> 00:16:50,900
but I think innovation will always find a way

478
00:16:51,266 --> 00:16:53,800
what we're seeing now is a shift in focus

479
00:16:54,200 --> 00:16:56,466
not a decline in innovation itself

480
00:16:57,066 --> 00:17:00,000
investors are now prioritizing companies

481
00:17:00,000 --> 00:17:02,000
that are solving real problems

482
00:17:02,166 --> 00:17:05,333
creating value and building businesses that will last

483
00:17:05,333 --> 00:17:07,466
it's like a reality check for the startup world

484
00:17:07,466 --> 00:17:10,066
instead of chasing the next shiny object right

485
00:17:10,066 --> 00:17:11,566
investors are looking for solutions

486
00:17:11,566 --> 00:17:12,800
that will make a difference

487
00:17:12,800 --> 00:17:14,333
and have a lasting impact

488
00:17:14,333 --> 00:17:15,200
exactly

489
00:17:15,366 --> 00:17:18,066
it's forcing everyone to think more about the long term

490
00:17:18,066 --> 00:17:19,066
and that's not a bad thing

491
00:17:19,066 --> 00:17:20,733
this has been an incredible look into

492
00:17:20,733 --> 00:17:21,933
the world of fiscal dominance

493
00:17:21,933 --> 00:17:22,866
we've covered a lot

494
00:17:22,866 --> 00:17:25,066
the impact on interest rates and inflation

495
00:17:25,133 --> 00:17:27,133
the shifts happening in venture capital

496
00:17:27,133 --> 00:17:29,000
and private equity it's a lot to think about

497
00:17:29,000 --> 00:17:30,500
it is before we wrap up

498
00:17:30,500 --> 00:17:31,200
any final thoughts

499
00:17:31,200 --> 00:17:33,033
you'd like to leave our listeners with

500
00:17:33,066 --> 00:17:35,033
in a world with so much information

501
00:17:35,133 --> 00:17:37,633
it's more important than ever to stay informed

502
00:17:38,100 --> 00:17:39,700
and to question assumptions

503
00:17:39,966 --> 00:17:41,666
don't just accept things at face value

504
00:17:41,666 --> 00:17:43,766
you know dig deeper

505
00:17:43,900 --> 00:17:46,666
ask questions form your own conclusions

506
00:17:46,666 --> 00:17:48,966
knowledge is power especially

507
00:17:48,966 --> 00:17:50,933
when it comes to navigating the financial world

508
00:17:50,933 --> 00:17:53,200
that's great advice thanks for joining us

509
00:17:53,200 --> 00:17:54,933
on this deep dive into fiscal dominance

510
00:17:54,933 --> 00:17:56,833
we hope you found it insightful

511
00:17:56,900 --> 00:17:57,666
and we hope you feel

512
00:17:57,666 --> 00:17:58,700
empowered to make informed

513
00:17:58,700 --> 00:18:00,666
decisions about your financial future

514
00:18:01,000 --> 00:18:03,033
until next time stay curious

515
00:18:03,066 --> 00:18:04,866
keep learning and remember

516
00:18:04,866 --> 00:18:07,033
you have the power to navigate these changes