My wording was unfortunate. “Extremely low interest rates” would have been better. But all this is a bit beside the point as I see it. If you run the economy o

My wording was unfortunate. “Extremely low interest rates” would have been better. But all this is a bit beside the point as I see it. If you run the economy on negative real interest rates for an extended period of time you will see seemingly profitable economic activity that in fact destroys economic value (but does so slower than the negative real interest rate). When rates go up such activities will reveal themselves as unprofitable.