The thing is, this assumes a shortage of capital for productive enterprises. Historically, that's been normal, but not so much since 2008. Banks have been hoard

The thing is, this assumes a shortage of capital for productive enterprises. Historically, that's been normal, but not so much since 2008. Banks have been hoarding cash well in excess of reserve requirements [1], despite ~zero interest for most of that time [2]. [1] https://fred.stlouisfed.org/series/WRESBAL https://fred.stlouisfed.org/series/WRESBAL [2] https://fred.stlouisfed.org/series/FEDFUNDS https://fred.stlouisfed.org/series/FEDFUNDS