Intangibles = Monopoly

In a recent post, I pointed out that long-term (30 year) real interest rates on safe (AAA) bonds had fallen to zero, and suggested that this meant the end of capitalism, at least in the sense that the term was understood in classical economics. On the other hand, stock markets have been doing very well. So what is going on? This is a complicated story and Im still working it out,An important starting point is the fact that the most profitable companies, particularly tech companies, dont have all…

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