Sure.
Before I go to Dr. Cochrane, I'll say that I think we all have to be looking at long-term risk, including inflationary pressures, but I can't ignore the elephant in the room. To me, the deflationary risk is enormous. When I see the shock to our economy that COVID-19 represents, the risk I remember in the early days in particular was that there wouldn't be businesses here to support an economy on the back end because their customers wouldn't be there because the businesses were shut down. It was a sort of a supply shock and a demand shock at the same time.
I'm curious, Dr. Cochrane, though, to know if I've poorly articulated your submission. Why do you think that although it won't be necessarily endless spending, we can manage with the government's ability to print money into existence, so to speak, and this is really the right way to do it? When would you put the brakes on and how would you put the brakes on if the real economy failed to soak up some of the cash?