How Wall Street turned income inequality into gold

Steve Randy Waldman has a post today which, to simplify a bit, suggests that we're seeing negative real interest rates today because (a) the rich have all the money, (b) there's only a limited number of yachts the rich can buy, so (c) there's a huge amount of money sloshing around the financial system looking for a home. When there's a lot of supply and not much demand, prices go down, and that's what's happening to the price of money.

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