MANIFESTO

The current era has outlasted its welcome. Federal Reserve policymakers keeping interest rates at the zero bound may have intended to revive animal spirits by making debt so cheap for so long that it became impossible to not play along. But nearly 30 years later, in the wake of one speculative boom and subsequent collapse after another, I’m afraid to say we haven’t learned near enough. It is not the creation of debt that makes a lasting impact on economic prosperity. Rather, it’s investment in the future that promises to retain its value for generations to come.