Agreed. And as you mentioned above, many believe the “real value” or whatever of liquidity is indeed capped and has diminishing returns. Trading financial instruments doesn’t just perform the capital allocation task that we were told it does in Econ 101. It’s also a fantastic way to take other peoples money. Why is that so hard to believe? And to those feeling a need to deny such behavior as an attack on capitalism, I’d suggest that it’s the purest expression of capitalism. The goal of investors or capitalists isn’t to do anything useful other than acquire more money. To the extent useful stuff happens, that’s just a side effect of acquiring more money. There’s no altruism involved. So it should be something that a true capitalist would embrace.