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easy money. In an eye-opening new book, “What Went Wrong With Capitalism,” he makes a convincing case.

“When the price of borrowing money is zero,” Sharma told me this week, “the price of everything else goes bonkers.”

To take just one example: In 2010, as the era of ultralow and even negative interest rates was getting started, the median sale price for a house in the United States hovered around $220,000. By the start of this year, it was more than $420,000.

Nowhere has inflation (in the broad sense of the term) been more evident than in global financial markets. In 1980 they were worth a total of $12 trillion — equal to the size of the global economy at the time. After the pandemic, Sharma noted, those markets were worth $390 trillion, or around four times the world’s total gross domestic product.

But the worst hit is to capitalism itself: a pervasive and well-founded sense that the system is broken and rigged, particularly against the poor and the young. “A generation ago, it took the typical young family three years to save up to the down payment on a home,” Sharma observes in the book. “By 2019, thanks to no return on savings, it was taking 19 years.”

First, there was inflation in real and financial assets, followed by inflation in consumer prices, followed by higher financing costs as interest rates have risen to fight inflation

For wealthier Americans who own assets or had locked in low-interest mortgages, this hasn’t been a bad thing. But for Americans who rely heavily on credit, it’s been devastating.

Since investors “can’t make anything on government bonds when those yields are near zero,” he said, “they take bigger risks, buying assets that promise higher returns, from fine art to high-yield debt of zombie firms, which earn too little to make even interest payments and survive by taking on new debt.”

The hit to the overall economy comes in other forms, too: inefficient markets that no longer deploy money carefully to their most productive uses, large corporations swallowing smaller competitors and deploying lobbyists to bend government rules in their favor, the collapse of prudential economic practices.

“The most successful investment strategy of the 2010s,” Sharma writes, citing the podcaster Joshua Brown, “would have been to buy the most expensive tech stocks and then buy more as they rose in price and valuation.”

In theory, easy money should have broad benefits for regular people, from employees with 401(k)s to consumers taking out cheap mortgages. In practice, it has destroyed much of what used to make capitalism an engine of middle-class prosperity in favor of the old and very rich.

The social consequence of this is rage; the political consequence is populism.

“He promised to deconstruct the administrative state but ended up adding new rules at the same pace as his predecessor — 3,000 a year,” Sharma said of Trump. “His exercise of presidential authority to personal ends shattered historic precedents and did more to expand than restrict the scope of government. For all their policy differences, both leading U.S. candidates are committed and fearless statists, not friends of competitive capitalism.”

We are wandering in fog. And the precipice is closer than we think.

That shame mangrove has been completely uprooted by Trump.

The reason people felt ashamed is that they felt fidelity to certain norms — so their cheeks would turn red when they knew they had fallen short

in the kind of normless world we have entered where societal, institutional and leadership norms are being eroded,” Seidman said to me, “no one has to feel shame anymore because no norm has been violated.”

People in high places doing shameful things is hardly new in American politics and business. What is new, Seidman argued, “is so many people doing it so conspicuously and with such impunity: ‘My words were perfect,’ ‘I’d do it again.’ That is what erodes norms — that and making everyone else feel like suckers for following them.”

Nothing is more corrosive to a vibrant democracy and healthy communities, added Seidman, than “when leaders with formal authority behave without moral authority.

Without leaders who, through their example and decisions, safeguard our norms and celebrate them and affirm them and reinforce them, the words on paper — the Bill of Rights, the Constitution or the Declaration of Independence — will never unite us.”

. Trump wants to destroy our social and legal mangroves and leave us in a broken ethical ecosystem, because he and people like him best thrive in a broken system.

He keeps pushing our system to its breaking point, flooding the zone with lies so that the people trust only him and the truth is only what he says it is. In nature, as in society, when you lose your mangroves, you get flooding with lots of mud.

Responsibility, especially among those who have taken oaths of office — another vital mangrove — has also experienced serious destruction.

It used to be that if you had the incredible privilege of serving as U.S. Supreme Court justice, in your wildest dreams you would never have an American flag hanging upside down

Your sense of responsibility to appear above partisan politics to uphold the integrity of the court’s rulings would not allow it.

Civil discourse and engaging with those with whom you disagree — instead of immediately calling for them to be fired — also used to be a mangrove.

when moral arousal manifests as moral outrage — and immediate demands for firings — “it can result in a vicious cycle of moral outrage being met with equal outrage, as opposed to a virtuous cycle of dialogue and the hard work of forging real understanding.”

In November 2022, the Heterodox Academy, a nonprofit advocacy group, surveyed 1,564 full-time college students ages 18 to 24. The group found that nearly three in five students (59 percent) hesitate to speak about controversial topics like religion, politics, race, sexual orientation and gender for fear of negative backlashes by classmates.

Locally owned small-town newspapers used to be a mangrove buffering the worst of our national politics. A healthy local newspaper is less likely to go too far to one extreme or another, because its owners and editors live in the community and they know that for their local ecosystem to thrive, they need to preserve and nurture healthy interdependencies

in 2023, the loss of local newspapers accelerated to an average of 2.5 per week, “leaving more than 200 counties as ‘news deserts’ and meaning that more than half of all U.S. counties now have limited access to reliable local news and information.”

As in nature, it leaves the local ecosystem with fewer healthy interdependencies, making it more vulnerable to invasive species and disease — or, in society, diseased ideas.

It’s not that the people in these communities have changed. It’s that if that’s what you are being fed, day in and day out, then you’re going to come to every conversation with a certain set of predispositions that are really hard to break through.”

we have gone from you’re not supposed to say “hell” on the radio to a nation that is now being permanently exposed to for-profit systems of political and psychological manipulation (and throw in Russia and China stoking the fires today as well), so people are not just divided, but being divided. Yes, keeping Americans morally outraged is big business at home now and war by other means by our geopolitical rivals.

More than ever, we are living in the “never-ending storm” that Seidman described to me back in 2016, in which moral distinctions, context and perspective — all the things that enable people and politicians to make good judgments — get blown away.

Blown away — that is exactly what happens to the plants, animals and people in an ecosystem that loses its mangroves.

a trend ailing America today: how much we’ve lost our moorings as a society.

Civil discourse and engaging with those with whom you disagree — instead of immediately calling for them to be fired — also used to be mangroves.

civility itself also used to be a mangrove.

“Why the hell not?” Drummond asks.“You’re not supposed to say ‘hell,’ either,” the announcer says.You are not supposed to say “hell,” either. What a quaint thought. That is a polite exclamation point in today’s social media.

Another vital mangrove is religious observance. It has been declining for decades:

So now the most partisan national voices on Fox News, or MSNBC — or any number of polarizing influencers like Tucker Carlson — go straight from their national studios direct to small-town America, unbuffered by a local paper’s or radio station’s impulse to maintain a community where people feel some degree of connection and mutual respect

In a 2021 interview with my colleague Ezra Klein, Barack Obama observed that when he started running for the presidency in 2007, “it was still possible for me to go into a small town, in a disproportionately white conservative town in rural America, and get a fair hearing because people just hadn’t heard of me. … They didn’t have any preconceptions about what I believed. They could just take me at face value.”