This is the most important chart in all of macro and most people still don't get it. Labor force participation rate vs government debt as a % of GDP, inverted. They move in perfect lockstep. Government debt has been accumulated to offset the declining working-age population, and from 2008 onwards, that debt has been mostly just servicing old debts while interest payments keep compounding. Demographics are destiny and ours are already written. The workers for the next decade have already been born. Or rather, they haven't been. Which means the borrowing and the debasement aren't going to ease. They're going to accelerate.(Raoul Pal)