The question, as relates to that, has always been, can you stay solvent longer than the market can stay irrational? Cause what you&#x27;re really saying is that the market is not reflecting the pricing data it implicitly has available, and so is not currently rationally priced. Another problem with timing the market based on the implications of macro monetary policy is that (as you do a good job of pointing out) it is just one element of many that create the environment for the companies, and it is the companies which create the fundamental value for the market. The depression you&#x27;re talking about is (as all depressions are) one caused by fundamentals. Governments have quite a few tricks in their bag to get around the deflationary issue you bring up. As for &quot;China&#x27;s lack of global consumer brands, ...&quot;,  once their consumer class is up and running (which is exactly what all of China&#x27;s government&#x27;s spending is aiming to do) they will have more consumers than the US has citizens, and then (a lota) some. Basically, it&#x27;s just not that simple.