The proliferation of macroeconomic policies which delay some pain at the expense of endless, worsening systemic dysfunction have lead us here, and until we get

The proliferation of macroeconomic policies which delay some pain at the expense of endless, worsening systemic dysfunction have lead us here, and until we get a new Paul Volcker, things will just get worse. Rates need to go up. Bad companies need to go OOB. Common people need returns on their savings accounts. We've created a financial regime where bond holders (who do nothing productive while collecting returns), are guaranteed to avoid all risk and inflation. If bonds threaten to lose 5%, the fed steps in to buy them. The fed would argue they must to protect pensions, but they could just directly protect pensions themselves. There's no macroeconomic puzzle or mystery here. You don't have to be Harvard faculty to understand. Investors got >> 14$ for every 1$ of covid stimulus (https://fred.stlouisfed.org/series/WALCL https://fred.stlouisfed.org/series/WALCL). The fed has assumed the risk of 1/3 of us mortgages. Investors gain without risk, common people endure the reality and soon will deal with a debased currency. Most smart people I know are working on escape plans of various sorts.