The core problem is that we've had hyperinflation in assets - with active encouragement from the fed for decades. This is the consequence of the least progressive tax rates in decades and bank credit creation which has focussed on asset acquisition. And as asset rich citizens move into retirement all over the developed world they will monetize assets and spend the proceeds in the economy. Therefore all the money (which has grown at 8% per annum over decades) sitting in investor accounts and bal…