Investors have stopped considering the value ‘utility’ and are moving to the value ‘store’. They buy apartments -like in China- to “save” money, not to foster research or innovation.
The same goes for many other products: people are thinking more and more about the resale value of things, and less about their utility value.
This is a consequence of the abundance of fiat money at 0%. There is no good deposit of value, and everything becomes a deposit.
Fiat money encourages this behavior. Who wants to risk 100% of an investment to get 5% return, when you can get 200% return by selling the “ticket” to the next person who comes in to play?.
That’s how bubbles are formed, and that’s how it was formed the gigantic Ponzi scheme we are all trapped in.
The intention of the central banks is to create a new electronic currency -also fiat- for the post-Covid economy: the CBDCs (central bank digital currencies).
With it, and once countries, societies, and natural resources have been plundered, the parasitic class is preparing the next bubble. It is called space exploration.