What's Happening Now Has Happened Before

In order to have a balance, a successful economy, uh a successful capital market, since one man's debts are another man's assets, you have to keep interest rates not so high that they crush the debtor, right. >> Without having them so low that they are bad for the creditor, >> right. So you see these cycles when we had uh zero interest rates and negative real interest rates.What you saw was massive creation of credit and and money and borrowing and so on. That's what the cycle looks like if you have losses. ...