Low Interest Rates and Easy Credit Are Catastrophes in Any Economy

Super-low rates and easy credit are not panaceas--they are in effect demolition machines which will destroy any economy which is seduced by their siren-song of "easy growth." There is no such thing as "easy growth" based on low rates and easy credit; "growth" based on artificial demand rises to the point that income no longer services the interest costs, and at that point then the collapse of asset prices and government revenues is guaranteed.

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