I think the lesson is that those things don’t matter in...

I think the lesson is that those things don’t matter in aggregate so long as govt continually steps in

and US in particular has now joined japan, eu and China on the other side of the no austerity bridge

once the get above 90% debt to gdp and esp once over 100 and going away - austerity is no longer an option for a democracy. Greece a classic eg - beyond 2 yrs if belt tightening voters won’t wear it and vote in the doctor who prescribes lollipops

im not saying all is fine. People know in their bones this is a dangerous and fragile thing. But madness can last a long long time before a washout.

renewables arent disinflationary either except in cyclical maturity - which will take 20+years in EVs for eg

establishing baseline capacity buildout is highly inflationary - as well as deeply carbon intensive

that’s why lithium copper nickel memory chips etc prices have risen strongly