> The cancer is actually the fiat, soft money that’s improperly aligning incentives in the economy. What a conclusion. Debt and borrowing exist in hard money e

> The cancer is actually the fiat, soft money that’s improperly aligning incentives in the economy. What a conclusion. Debt and borrowing exist in hard money environments too. Debt is as old as time. Low interest rates reduce the threshold for what could be considered a successful business from a macroeconomic perspective, though, and can lead to misallocation of capital. Nothing to do with fiat.