Bill Ackman outlines 2005–2020 deflation era and projects 2025–2045 AI-driven deflation with long period of ZIRP

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Bill Ackman is right…

2005-2020, globalisation and Chinese urbanisation caused 15 years of global deflation and a long era of ZIRP.

2025-2045, AI will likely cause a long period of deflation (big productivity gains) and likely a long era of ZIRP.

The West mostly failed to make use of the first ZIRP era, we didn’t understand it. We did not replace and upgrade our infrastructure, we did not roll SovX far into the future.

I expect we will not repeat this mistake, during the AI buildout.

A huge amount of infrastructure is going to be built over the next 20 years, backed with long dated cheap bonds.

This is the monetary and fiscal structure of the era we find ourselves in. You are now leaving the eye of the storm.