From 1900 to 2009, the economy grew at about 6% annualized during that period. Since 2009, because of these interventions and zero interest rates, the average rate on stocks has now grown by 4 full percentage points to 12%. That is unsustainable. We've raised an entire generation of investors who have never seen a real bear market until now. And this is why we can't sustain inflation above 2%. This is why the Fed is so focused on 2% inflation because the economy can't withstand it.

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