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Olduvai III: Catacylsm
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A Dire Warning

A Dire Warning Let’s return to our ongoing series on the destruction of capital, and how to identify the signs. Steve Saville posted a thoughtful article this week entitled The “Productivity of Debt” Myth. His article provides a good opportunity to add some additional thoughts. We have written quite a lot on this topic. Indeed, […]

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Falling Interest Rates

Falling Interest Rates Amassing Unproductive Debt Last week, we discussed the marginal productivity of debt. This is how much each newly-borrowed dollar adds to GDP. And ever since the interest rate began its falling trend in 1981, marginal productivity of debt has tightly correlated with interest. The lower the interest rate, the less productive additional […]

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Olduvai IV: Courage
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Olduvai II: Exodus
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