These days, running AM or FM radio is inefficient and a waste of power. It doesn't take kilowatts and microwave links to blanket an area with coverage. I think the failure is not coming up with a viable digital replacement that works on cell towers. I know that streaming works fine, but there's no centralized system, or parallel representation that's freely broadcast from cell towers. This would have been a prime opportunity for the FCC to force cell companies to provide a certain number of free broadcast channels (that work even without cell service) to serve the community. Just like how they force TV and radio stations to play community service shows on Sunday morning.
Keynes seems to have been right about the problems of "saving beyond planned investment." It seems to create even more problems than he imagined. A little of it does end up finding interesting important ventures but most of it is big dumb money that chases bubbles or gets parked in socially destructive rent seeking operations. Money is made for some investors but the overall ROI for civilization is a net negative; making money by destroying wealth.
It will keep inflation away until it doesn’t, as some day the consequences of printing money will be felt. One of the most negative influences of civilization has been people hoarding wealth, and we’re reverting to an environment that empowers that.
http://artbrock.com/blog/magical-power-objects-and-sociopath...
We're going to eventually look back and wonder how much damage the rise of private equity and modern finance has done to so many things that were once of such high quality. Financial engineering is distorting the original intent of market forces and leaving more and more consumers with an inferior product.