Is Cheap Money the End, It's Complete?

Global productivity has been declining for almost three decades, and there is no reason to believe that suddenly productivity will mushroom. If it contracts, that means neutral rates that you require in the economy, we will become more volatile. I just can't see how neutral rates are going to go up to enable you to permanently reprice capital. The line for interest rates is still a flat to down as we progress, rather than re-pricing at some kind of high level.