Interest rates, including risk premia, should always be higher than the growth rate, yet this is no longer the case

In order to be able to place a value on different assets (equities, real estate, private equity, infrastructure, assets targeted by M&As, etc.), long-term interest rates - including risk premia - must be higher than the rate of income growth. Yet this is no longer the case. So it is no longer possible to discount future income in the calculation of asset prices, which in theory now tend to infinity. This opens the door to huge uncertainty over asset valuation.