And the theory is depending on where interest rates are at, because functionally, the bond market is getting close to running this country. Depending where interest rates are, You may have three, five years, could be longer. Where a movement in the bond market starts to consume all your variability. At that point, it's almost too late to do major policy. At that point, you're doing policy to pacify those who you're trying to sell your debt to. (49:10–49:19)
CLAIM
Asserts that within three to five years, bond market movements could significantly limit fiscal policy options.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
