Of all the delusions that have infected the minds of economists, central bankers, and the investing public in recent years, perhaps none is as short-sighted and pernicious as the idea that aggressively low interest rates are “good” for the economy and the financial markets.
There is, of course, a certain truth to that idea, roughly equivalent to proposing that snorting amphetamine-laced cocaine is “good” for one’s energy, or that walking into a bar and randomly choosing partners while wearing a blindfold is “good” for one’s love life. In each case, however, the validity of the claim comes from subverting the word “good” to mean nothing more than a short-lived burst of very bad choices.
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