Im shocked. Kincella finally sees the symptoms afflicting the present day world! Unfortunately - as usual - he mis-diagnoses the disease.
He sees government intervention & mis-priced money (interest rates too high) as the disease. I agree - government intervention is a massive problem, and is something that has plagued humanity forever. But the crime of governments this time has not been with holding interest rates too high. No, for too long they have been too low!
The misallocation of financial resources - aided & abetted by governments wordwide - is the cause of our current disease. Low interest rates on global debt markets have seen people gorge on debt like locusts on a wheat crop. With money so freely available, who needs to work & save to achieve a goal when you can simply borrow the dough? Debt is now everywhere, and finally - finally - the lenders begin to realise that a) they may not get their money back, and/or b) they get paid back in currency whose purchasing power is starting to fade fast.
