Our worldview has economic implications, particularly for inflation, growth, and risk premiums. One example is the demographic reality of aging populations, which is a major source of the looming debt crisis in Western countries, including the United States. An aging population leads to rising government spending on healthcare and pensions and puts upward pressure on inflation through a shrinking labor supply, downward pressure on growth by crowding out investment in other sectors, and higher risk premia through upward pressure on long-term interest rates on government debt.