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Richard Sylla and William Bernstein discuss the long-run of financial history. What does the large current US deficit tell us? What can we learn from the history of interest rates and stock market returns? Chapters: 0:00 Introduction 0:56 Investing is half math, half Shakespeare 3:10 Large US deficits 6:00 Catch 22 of how deficits play out 8:00 Inflating away the debt 10:22 Long term return of stocks 19:27 Interest rates over past millennium 26:15 Implications of lower financial friction 31:06 Greater stock market participation 33:50 Future of dire fiscal debt 35:40 Essential Reading for financial history 38:30 Relevance of financial foreign history 44:24 Reserve currency status 47:14 Financial innovations of the future Recorded on September 28, 2024. The complete Bogleheads 2024 Conference Proceedings can be found at https://boglecenter.net/2024conference/ Bogleheads University 2024 is split into two tracks: Bogleheads 101 Investing Fundamentals and Bogleheads 501 Advanced Topics. The Bogleheads University Courses can be found at https://boglecenter.net/bogleheads-un.... Slides and transcripts are also available. The John C. Bogle Center for Financial Literacy (https://boglecenter.net/) is a non-profit organization dedicated to improving financial literacy. The Center’s mission is to expand the legacy of John C. Bogle, the founder of Vanguard, by promoting the principles of successful investing and financial well-being through education and community. The Center envisions a world of well-informed, capable, and empowered investors. Community outreach is achieved through the Bogleheads forum, wiki, and blog, as well as in-person and virtual Bogleheads chapters worldwide. Bogleheads.org: Bogleheads Website Home Page: https://www.bogleheads.org/index.php Bogleheads Forum: https://www.bogleheads.org/forum/inde... Bogleheads Wiki: https://www.bogleheads.org/wiki/Main_... Bogleheads Blog: https://www.bogleheads.org/blog/ Investors can get started here: https://www.bogleheads.org/wiki/Getti... Social media: Bogleheads on Facebook: / bogleheads Bogleheads on Twitter: / bogleheads Bogleheads® is a registered trademark of the John C. Bogle Center for Financial Literacy.