The acute capitalist crisis of 2008 has in the years since developed into a chronic complaint, to be managed but not overcome. In wealthy countries, ultra-low interest rates prop up consumer spending and, for investors, inflate the value of stocks, bonds, and other paper or digital assets. Swollen private portfolios induce luxury spending, and the size of the resulting wealth effect, as Alan Greenspan liked to call it, does a lot to determine what volume of crumbs spills from the banquet table in the form of worker’s wages. Because the rich spend a smaller proportion of their income than others, asset-price Keynesianism, as it has been called, is an inefficient way to inject demand into an economy. But the method has its allure: what could suit the rich better than rapidly rising prices for what they have to sell – namely, financial assets – while prices of the ordinary goods and services that they buy fall short of even the 2 per cent annual increase sought by central bankers as a minimum rate of inflation? To purchase the results of toil with the weightless gyrations of fictitious capital is a good bargain.