I think he's referring to a 'zero interest rate phenomenon,' a shorthand for an excess that happens when capital is cheap and complexity is rewarded and too eas

I think he's referring to a 'zero interest rate phenomenon,' a shorthand for an excess that happens when capital is cheap and complexity is rewarded and too easily funded. Supposedly, this leads engineers to choose overly complex solutions, hoping to be rewarded by getting large teams to manage, and gaining experience for their resume. This is in contrast to the scrappy, pragmatic, YAGNI architectural choices DHH regularly advocates. My own view is more pessimistic, that complex architectural choices are made even when the companies involved can't afford them.