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The heart of this for me is that easy money creation, and cheap debt, led to a boom in company acquisitions - where companies like Thames Water were bought with newly created money in the form of cheap debt, for which the target (the water company) pays. This is the reason there is no money left for maintaining their infrastructure - they have to spend it all on debt servicing It was brilliant for you if you were the buyer, but generally terrible for the target company (and by extension in this case, everyone who needed to drink water).View quoted note → har