Andrew Gallagher on Nostr: We invented independent central banks to conquer consumer price inflation, so the ...

We invented independent central banks to conquer consumer price inflation, so the money went into property price inflation. Then we cracked down on unsustainable mortgages, so it fled into bitcoin and AI.

The root cause is that there is too much investment cash looking for an improbable return on its outlay, one that is collectively too large to be satisfied by sustainable economic growth. So it goes into speculative bubbles and scams, whose consequences must eventually arrive. 1/2