In a nutshell, Austrian economics. Central banks have made money ridiculously cheap for over a decade, and this leads to malinvestment: investors pour this chea

In a nutshell, Austrian economics. Central banks have made money ridiculously cheap for over a decade, and this leads to malinvestment: investors pour this cheap money into projects that probably yield negative real returns, because there is way more money floating around than viable projects to spend it on. Spend capital on negative-yielding projects for long enough and you erode the productive capacity of the economy until a crisis hits. That’s the story; hard to say how well it describes reality but there’s surely a modicum of truth in there at least.