On September 16, William White made a presentation to a multidisciplinary group at the Balsilie School of International Afairs in Waterloo, ON, Canada. He began by noting that long bonds rates, unusually, had recently been rising even as short rates were falling. White raised concerns that the bond markets might be factoring in concerns about high government debt levels, prospective higher debt service in the context of stagflationary shocks, and eventually much higher inflation. He then looked at alternative methods of dealing with such a sovereign debt overhang and concluded that “fiancial repression” might well seem the politically most attractive option.