On the one hand, apparently permanent low interest rates do produce a lot of reaching for yield–which means a lot of people taking risks they do not understand for low expected returns, and a lot of people figuring out how to take advantage of the cognitive biases of those who take risks they do not understand. On the other hand, as long as the bills are paid and as long as the investors are risking money they can stand to lose, the Fyre Festival Economy does push us closer to full employment. Thus I find myself genuinely perplexed here:

Izabella Kaminska: GMO's Montier on the Rise of the Dual Economy: "This week's installment of The entire economy is Fyre Festival (TEEIFF).... To recap... we made the argument that the rise of mystic job titles like 'chief vision officer'... was indicative of corporates having lost their purpose... to make or provide stuff people wanted so much they were prepared to pay for it.... In the modern corporate sphere the desire to make profits, however, has been replaced with the desire to achieve growth at any cost... [because] products and services are so visionary and forward thinking that we the customers can't yet understand... [yet[ one day in the future... we will eventually be prepared to pay top dollar for them. The second justification is that if you hook enough customers to your brand you will eventually be able to sell them something they will be prepared to pay for. What that thing is doesn't necessarily have to be determined yet, and may or may not be determined in countless corporate pivots that follow onwards. This is why the mystic vision officer is so important. Establishing a vision of what tomorrow's needs may be, rather than what today's needs actually are, is essential to keeping the investment case alive.... And it's all very believable because this is exactly how a selection of today's most profitable technology stocks have made it...