And the unintended consequences of muscular monetary policy continue to pile up. Negative rates in Europe and Japan and the aggressive response to Covid-19 in the U.S. helped spawn some of the most inane investment opportunities since the dot-com bubble, from SPACs to joke cryptocurrenciesthings that almost make sense when money is free. More lastingly, tens of millions of Americans snagged mortgages that they will be telling their grandkids about, possibly in the same house they bought with them since it is now too expensive to move