That we failed to make massive public infrastructure investments

Massive equities bubble. Overall currency devaluation against limited supply (non printable) items like gold / bitcoin.

We are out to fix this. Alternative investment strategies allow people to unbank themselves from failed legacy systems.

Lending money to governments at negative interest rates is an implicit wealth tax. This should help social insurance plans stay solvent longer and permit more deficit financed spending with fewer cuts.

Japan has had negative real rates since the 1980s and NOTHING bad has come of it aside from high gov debt to GDP. It increased the savings rate!

More risk capital at less cost accelerates change, Mal-investment works itself out within the time frame, hyper change Darwinism will lead to better solutions rising - Tesla-etc mankind will solve worlds biggest problems -climate change. Cost will be retail banks will not exist.

Neg. Int Rates are a self-re-enforcing paradigm. US Gov’t Debt will get there. Not all, but short/mid term rates will be negative before a future Administration makes radical change to Fiscal Policy

Sustained global equities rally. Hunt for yield is strong.

Think people will have to work longer as there are no safe places to get real positive returns.

1. Fewer young people, more old people. Started in Japan. 2. There's more money spread between fewer young people. Easier to get investment for a business. 3. Negative might be irrational. Near zero might be realistic for people that want to safely preserve wealth.