The weird thing to me that I've been seeing is VCs harping on inflation as a consequence of what they view as loose monetary policy with zero apparent sense of irony that the truly massive explosion of VC over the last 10 years is entirely because of not just all the top-end liquidity that's been frothing all over the place since QE began back in the 2008 financial crisis, but _also_ the fact that the net-negative interest rates on stable long-term investments effectively create whole new categories of LPs for VCs to chase that previously couldn't/wouldn't touch the VC ecosystem with a 10-foot pole.

Talk about looking a gift horse in the mouth. Or, perhaps biting the hand that feeds you? I dunno, I'm sure there's an appropriate colloquialism.

If QTmageddon is coming (something I personally think is a mistake since it seems like price inflation is being principally driven by supply shock dynamics, but I digress), then the first reckoning in the financial markets is almost certainly going to be VC. The risk profile makes absolutely no sense without a cheap money market.