I'll be very quick.
I agree with Bill completely.
I just want to mention a couple of names. Charles Goodhart, the 81-year-old retired LSE professor of monetary policy, has written several books and was 30 years before that at the Bank of England. He is making the same argument in his latest book that Bill was. The boomers, in our peak years, were generating huge amounts of savings, and now we're going into our senior years when we're going to start—the evidence shows—to dissave. That's an ugly term for saying that you start to spend your savings because long-term care homes are expensive, you go on trips and cruise ships, and so forth.
The second point he made was that the emergence of China and the collapse of the Soviet Union in the early nineties brought hundreds of millions of consumers and workers into the world, which drove down wages, and that contributed to the very low interest rates as well. That's going to reverse, going forward.
He is on the record—I saw an interview of him recently, this year—suggesting that rates could go to 5% over the next five years. That's not huge compared to when I was at the bank, when they hit 20%, but we're used to one-quarter of one point. To go to 5% is going to be just apocalyptic for many of us.
I am agreeing with Bill, and I think rates are going to go up, for those reasons.