Editing Idea:The Asset Inflation Paradox During Technological Deflation (section)

=== Why Markets Could Triple Despite Output Deflation ===

# '''Concentration Effects''': Fewer companies capture more value
   - S&P 500 becomes "magnificent 7" becomes "fantastic 3"
   - Market cap consolidation similar to late 1800s trusts
   - Index funds forced to buy survivors at any price

# '''Monetary Debasement''': More dollars chasing fewer productive assets
   - Fed balance sheet expansion continues
   - International dollar flows into US markets
   - Negative real yields force money into equities

# '''Productivity Claims''': Each share represents more automated output
   - Revenue per share increases as human costs eliminated
   - Margins expand for survivors with sustainable moats
   - Free cash flow multiples justify higher valuations