Hello Richard,

Thank you for your kind words.

Yes, the issue you raise is a real issue and for me it boils down to two things: time horizon orientation, and the force of will of central banks. In the short-term there is likely to be pain as rates are increased and as debt burdens are rolled over at higher rates. But what happens long-term if the price of money is distorted? So for what time horizon do be hold central banks accountable? I would argue that they are responsible for all time horizons, and that the long-term risks are growing and larger than the short-term risks. So I desire that they let rates float more freely before permanent changes in capital investment decision makers' behaviors has taken place. With regard to the second issue, the central banks need will power to stand down the inevitable complaining and whining of the disaffected.

Yours, in service,

Jason