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Here's my current map of where the money is coming from and going to.

Fed buying trash MBSs with QE -> Investment Banks -> Stock Market -> Big Tech Companies -> Acquisitions -> Venture Capitalists -> Tech Companies -> Startup Employees -> San Francisco Landlords and Fancy Toast Restaurants.

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And the landlord step is further accelerated by the overseas wealthy using sf real estate as a secure bank account compared to their home country and hedge funds buying up stock as an investment step.

NIMBYs then leverage it further by constraining supply.

The "overseas wealthy" is the trade deficits we've been running for the past 30 years slowly trickling back into the U.S asset markets. We were able to export our inflation for 30 years and it was all piling up in foreign central banks as treasury bills. Now, with very low interest rates, it is going into any asset that's not a bond. If the dollar index starts to go the wrong way, watch out, that little stream of overseas dollars buying into U.S assets is going to become a flood.

Let me add to this amazing chain two important points

1) The FED is basically printing money out of thin air. 2) To close this open loop:

SF Landlords and Fancy Toast Restaurants -> IRS -> THE FED

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