Summary

• If the 2010s were an era where capital chased what was easy to buy, the 2020s-2030s look like an era where governments will force capital toward what is hard to build: power, grids, housing supply, industrial resilience.
• The key point is not that "QE was bad" in some moral sense. The point is that it shifted the economy’s center of gravity away from building capacity and toward bidding up what already existed. That’s misallocation.
• Misallocation created scarcity; scarcity created backlash; backlash will reprice which assets compound and which assets get capped.

The thesis

The next macro regime won’t be defined by a single recession, a single war, or a single inflation print. It will be defined by something more durable and more political: the public discovery that the last

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