Jim Grant on the Hell that negative interest rates hath wrought

Dogmatism is foolish in this time of unprecedented wonders, but there's no law against opinions.  Here is our first opinion.  Because negative interest rates do not conform to human nature, as [Irving] Fisher demonstrated and common sense concurs, the market did not spontaneously produce them.  The central banks finagled them.

We have more opinions:

• The evil fruit of artificially low interest rates (even slightly positive ones) is an eventual financial crisis.
• Crisis will lead to still more central bank activism and, finally, to a loss of confidence in money itself.

~ Jim Grant, "The best economist on the lowest rates," Grant's Interest Rate Observer, July 26, 2019