For more than fifteen years, the foundational language of capitalism—market prices—has been systematically miswritten. What began in 2008 as emergency life support for a global financial system on the brink of collapse has evolved into a permanent and perilous economic reality. Central banks slashed interest rates to zero and embarked on unprecedented asset‐purchase programs, while governments ran historically large budget deficits. These measures, never fully reversed, were reinforced during the COVID-19 pandemic, creating a world awash in cheap money and saturated with debt. Now, the strain of this policy trajectory is coming into sharp relief: asset values have become untethered from fundamentals, risk is underpriced, and the real economy is starved of dynamism.

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