Is it perhaps due to wealth aggregation? If the ultra-wealthy are hoarding money and not spending it with the same per capita velocity as the average person, then there’s less money “flowing” even though there’s more money around.
In the US I definitely think that is the case. The rich have a lot of money they don’t know what to do with because there’s no use to invest in new production when the rest of the population have no money to spend. So the interests stays low and the stock market skyrocket while everyone outside the top percentage just gets poorer.
