The Role of Interest Rates in the Real World Economy

There have been several excellent studies done. I haven't seen any recently that show what happened to sovereign governments increasing their debt with lower interest rates. You're talking about trillions of dollars being moved out of the wealth of private savers and into the hands of government who's getting cheap capital. That cheap capital is used to engineer fiscal and monetary policy that completely misallocates capital and centralizes political control. It did fundamentally huge, misallocation of capital huge, huge, huge. And it's massively distorted the real world economy.