You aren't wrong. I believe in economic acceleration but there is a limit to how far you can take it, which we are now testing with ZIRP. In this case the cen

You aren't wrong. I believe in economic acceleration but there is a limit to how far you can take it, which we are now testing with ZIRP. In this case the central banks kept their feet on the gas pedals too long out of political fears of a global depression. Global depressions suck but they are also very useful in that they create healthy periods of intense asset reallocation to prevent malinvestment. Did (largely successful) Japanese attempts to prop up their economy in the 90s and 00s prevent more acute pain but also kill an entire generation of Japanese entrepreneurs who would have cut their teeth with blood in the streets? Instead of healthy reallocation, we have far less targeted broad asset inflation in an attempt to keep economic acceleration going when we are already near the point where GDP growth equals debt service requirements and I don't think it ends well. It's also interesting that ZIRP screams ''maximize your human capital'' at the same time that automation threatens opportunities for the bottom rungs of the work force, and it's not clear how that dilemma will be resolved.