The Effects of a 10% Rate of Interest

Adam Smith was dealing with a consequential, this is Smith, the consequences of allowing a 10% rate of interest. Those who are sober, who borrow at lower rates of interest are gonna be shut out. We're now living through a couple of days where people are buying up treasuries as you may have read. The treasury rate is going up because people are fleeing into safe bonds. There's a reason why high-yield bonds are called junk bonds. But all he had to do was read Kantion and he would have been straightened out about this gas.