>>60518879
>equities
>based on real production
Like I said, the overwhelming supermajority of equity returns since ‘71 has been nothing but monetary expansion, with essentially the entire remainder being driven by economic unit demand, not by “real production”.
>it only distorts if
False. Monetary expansion is in-and-of-itself distortion. The wage/productivity divergence seen since ‘71 is a perfect example of the distortion caused by monetary expansion.
Voluntary exchange is naturally positive-sum, but monetary expansion allows the manipulation of Economy to favor zero and even negative sum economic transactions, while also allowing the State to bogart an obscene fraction of total economic activity, monetary expansion is inherently negative sum.