Effectively, we have two economies - the two modes ( really, complete Pareto distributions ) that seem to have come unmoored to each other.<p>The &quot;upper&quot; mode is much more ephemeral and paper-based than is the &quot;lower&quot; mode. It&#x27;s a frothy stew of bubbly paper goodness. But it&#x27;s effect on the &quot;lower&quot; mode is not as we would like it to be.<p>So we treat the &quot;lower&quot; mode as its own ( not quite independent but not fully coupled ) distribution, raise inflation and wait.<p>And although the &quot;upper&quot; mode does have real effects, it being more fictional than the &quot;lower&quot; mode means it&#x27;s much more volatile and less ... real.