Goodreads link:
The Price of Time
My reading is that Chancellor paints a convincing picture of a US economy that has been pumped up for decades by the feds, but especially so for the last 15 years (which isn't news for any of us). However, as there’s an expectation that this Fed policy will continue, it not only means that growth in equities has been fake for the last few decades but also that all markets (equities, RT, and bonds, as they are still dependent on corporate profits) are still way over-priced.
Of course, this challenges our assumptions about withdrawal rates (~4%) as well as long-term growth over inflation because these calculations depend on data that hasn't taken Fed intervention over the past decades into account.
So, what do y'all think? Any counter-points to Mr. Chancellor? I haven't read Bernanke's book ("21st Century Monetary Policy") but perhaps others on this forum have and can help give more insights.