I think Danny is right to throw cold water on the idea that we will simply repeat the 1940-50s period and cut debt-to-GDP in half, because today's economy does not resemble that one at all. Govts cannot run an identical playbook. Where I take a different view is that the objective of modern financial repression may not be to make the debt disappear relative to the economy. It may be to make an otherwise unsustainable debt stock remain serviceable. That could mean suppressing the govt's effective interest rate relative to nominal growth and ensuring there is a buyer for the debt at that rate. And that is where captive domestic savings becomes central, which I intend to write more about in the months ahead. Recommend reading Danny's blog for a comprehensive dismantling of the "we run it back 1940s style" thesis.