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Only the wealthy will benefit from ZIRP, and the benefits of “the wealth effect” and “trickle down” have not just diminished–they’re now negative. Welcome to the era of ZAP.

Is this scenario guaranteed? No, of course not. But that doesn’t mean it’s excluded from the realm of possibility.

While we focus on AI and finance, society is crumbling beneath our feet.

GDP is like collecting data on passenger satisfaction with the dessert cart on the Titanic and declaring everyone is delighted as the great “unsinkable” ship settles into the icy waters of the Atlantic.