Sunday, January 17, 2021

Tag: This Bust Wasn’t Caused by a Virus

This Bust Wasn’t Caused by a Virus

by Mark Thornton, Lew Rockwell:

On February 10 the stock markets were at all-time highs, with the Dow 30 at almost 30,000. The unemployment rate was at an all-time low and interest rates around most of the world were at all-time lows.

With interest rates near zero for an entire decade, the value of stocks, bonds, real estate, land, and virtually any asset was artificially inflated. As a result, total household net worth doubled, increasing from $60 trillion to $120 trillion!