“Periods during which low-cost finance is widely available but there are few profitable opportunities in the real economy will result in unproductive paper bubbles.”
Discussion
“…finance is not neutral, its form and structure matters.”
“The question, then, is not how to provide easy money, but how to bring forth the opportunities, how to mobilise the supply of innovation, how to activate entrepreneurship both public and private. The opportunities will bring forth the money toward better purposes.”