He’s not. I am. The wealth of a nation is the goods and services available to its common people. We’ve shifted a lot of economic measures so that we’re really j

He’s not. I am. The wealth of a nation is the goods and services available to its common people. We’ve shifted a lot of economic measures so that we’re really just paying attention to the value of assets as opposed to what they represent. An example: In early February, retail sales numbers came in strong. The stock market went down. Why? Because analysts know that strong retail means a lower likelihood of our central monetary planners lowering interest rates, and lower rates mathematically cause asset values to grow because you’re making the denominator smaller. Stocks should not thrive on denominator changes, but on a growing numerator: earnings. Earnings reflect actual economic activity. But most people have their economics education provided by this regime and think it’s totally fine for the market to be determined by interest rates instead of productivity.