"normal levels". Interest rates have been declining for almost eight centuries and now that population growth is no longer exponential, it is unreasonable to ex

"normal levels". Interest rates have been declining for almost eight centuries and now that population growth is no longer exponential, it is unreasonable to expect exponential compensation. In fact, in the face of real physical laws like the constant thermodynamic increases in entropy, it would be foolish to expect to even get a zero nominal yield. Life is the gradient between our endowed energy reserves and the heat death of the universe. Something that violates this is akin to a perpetual motion machine. You either get inflation, negative interest. Any pretense of permanent zero yield will require political redistribution of income from one part of the economy to another.