Thanks for the article Jason, it's brilliant. It reminds me to the ideas brought by austrian economists (Menger, Böhm-Bawerk, Mises, Hayek, etc). My question is: these economists state that we suffer business cycles due to the manipulation of interest rates by Central Banks, not allowing economic agents to make proper capital budgeting decisions by receiving the wrong signal (level of interest rates not backed by savings). But at the end, Central Banks manipulate short term "risk-free" rate, what you call the root. Above that root there are several spreads (maturity, creit risk, expected inflation, etc.) which are set by markets. Wouldn't be the final result of adding the base or root with all spreads the same as in a pure free market where interest rates would be set freely? Maybe in a pure free market we would start from a higher root but then we would add lower spreads. Thank you in advance!