Interesting perspective, thank you for that, but the issue is not merely driving bond rates to zero. The money created by central banks also flows into VC funds and the stock markets via various indirect paths and from there into the startup ecosystem.
That's a problem of trust, money flows to startups because the so called capital allocators don't trust themselves with such amount of money, otherwise they'd be investing all into companies where they are at the helm.
The whole family office concept is something new, back in the day if someone had money they'd just invest in themselves by expanding their own business.
