It's hard to discuss that with someone who thinks we've 'hardly scratched the surface', but if you think the oldies are in trouble, so too are 'investors/funds, and the tax-man. Globally - and you can never take you eye off the big picture - we're in the same position as Helferrich was, in '21-'23. We all know how that panned out....... and we'll go through the ersatz diesel phase on the way down too. Why folk don't stand back and see the big picture, I can't understand. Growth is history now, bumps being just aberrations on the trend, so we absolutely have to expect a reducing tax-take in REAL (the work that can be done with it, not the $ figure)  terms. In that light, we have to be anticipatory in what we tax, for instance profit and interest must trend down, so taxing them would always have to trend up. I am one who thinks we need central leadership, am happy to both pay for it, and to vote for whatever level it should be, democratically. The only way to fund that is tax, but until the 'hoping for growth to inflate debt away' mindset goes away, Govts are in the same cloud-cukoo-land that everyone else is - somehow expecting 'money' to be able to be exchanged for 'work'. Historically, Rome, Spain and others all made the same mistake. Morgan's problem is that the most recent global growth demand had to include housing: nothing else, globally, was big enough.