Do we have the capability to eliminate booms and busts in economic activity? The answer in my judgment is no, because there is no tool to change human nature. Too often people are prone to recurring bouts of optimism and pessimism.
December 22, 2021
Bank of America recently published a chart showing the entire history of long-term interest rates. The piece was titled “The 5000-Year View of Rates & the Economic Consequences.” While not from the dawn of time, it is from the dawn of civilization starting in ancient Suma. The chart showed short- and long-term rates...