I suspect that the money piling up should have been leaking out in the form of increased wages; however, that does not seem to be happening anywhere or least not fast enough to keep the historical economy, Smurf or other, functional.
I wonder what "put it under the mattress" even means anymore. Inflation seems like an obvious way to push money to ever more risky investment, but that comes with plenty of other problems.
Maybe limiting the supply of Treasury bills would somehow make that money find a better return. Limiting "risk free" structures is the only way alternative i can think of.
Unrelated observation of the webpage, but the header/nav overlaps the scroll bar in chrome. I've tried messing with the css and I've no idea how this is achieved.
They stuffed the entire page into a div (#col2) that fills the screen and is scrollable; the header is outside that div. So that scrollbar is not the normal page scrollbar, but a scrollbar for one part of the page.
Paul Krugman called this post from 2004 one of the great blog posts of our era: https://dsquareddigest.wordpress.com/2004/05/27/108573518762...