[itairal]

It is systemic but it isn't really a flaw. It is the higher order effects of flooding the system with liquidity.

If you look at the richest people in America in 1985 and adjust their wealth for inflation no one even makes the top 100 in 2023.

If the richest person in America only has 5 billion in 2023 USD then systemically there is just not enough liquidity to think about the risk/reward of buying a vet.

We have basically diluted the price of all businesses and all assets. With the amount of liquidity in the system you can either have it pool and do nothing or buy business you would never have previously.

This is the price we pay for avoiding what probably would have been two depressions from the financial crisis and covid.

Everything in economics is a trade off. It is very hard to say if we would be better off or not. If we had spent the last 15 years of life dealing with two depressions who knows what society looks like now. It is a very different answer if you are 20 or 45 too I imagine.