The Era of Easy Money Ruined Us

The rot caused by easy money will only become fully visible when the hollowed out institutions start collapsing under the weight of incompetence, debt and hubris.

We have yet to reach a full reckoning of the consequences of the era of easy money, but it's abundantly clear that it ruined us. The damage was incremental at first, but the perverse incentives and distortions of easy money--zero-interest rate policy (ZIRP), credit available without limits to those who are more equal than others--accelerated the institu…