People noticed centuries ago how low interest rates led to speculative bubbles that always ended badly

 We are at the end stage of one such bubble right now. Some expect a soft landing. I hope they’re right, but it would be the first time.

Today I’ll continue discussing Edward Chancellor’s remarkable forthcoming book on the history of interest rates, The Price of Time: The Real Story of Interest. Most of this letter will be an extended quote from the book, which I hope will entice you to read the rest. It is truly a must-read as we enter a volatile and possibly dangerous economic era.

John Mauldin 8 July 2022

https://www.mauldineconomics.com/frontlinethoughts/john-bull-and-two-percent

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