Wherein the concept of ‘value creation’ is never quite defined, and the author seems blind to several thousand years of well-documented human history where individuals relentlessly pursued self-interest, sometimes resulting in common benefit and sometimes in common suffering. But no, apparently this is all a new phenomenon.
"I doubt anyone can pinpoint the exact reason for the transformation."<p>I believe I can very much pin-point it. It was the creation of the Federal Reserve.<p>What we are seeing now is the final stage where everyone with a bit of brains realizes that the way to make money is to attach oneself as closely as possible to the great gushing fiat spigots emerging from the FIRE and government sectors, and malinvestment sits rudely triumphant on the wreck of america's productive economy.