This picture speaks 1000 words: From 2016 to 2019, the balance sheets of central banks (in an (over)simplified way of thinking, the amount of bonds they are holding) increased from about 5 trillion to 22 trillion dollars. That is an incredible infusion of liquidity into the global financial markets, which has led to near zero (in some cases negative) interest rates – but very little inflation and certainly no roaring equipment investment. Structurally, the economies or certainly financial intermediation has changed. 
