Ok. I don't agree with this interpretation for many reasons already bounced around in other places. 1) It's kind of impossible to crowd out investment since credit is basically infinitely elastic as long as the financial sector thinks there is an acceptable future return -- Kalecki!
@kostyack.bsky.social@pkrugman.bsky.social on AI's crowding out effect: All that money going into building data centers and purchasing foreign produced semiconductors is coming at the expense of investment in everything else.
