Today I want to offer you a short test.
Consider this quote, from celebrated Austrian economist Eugen von Bohm-Bawerk
The higher a people's intelligence and moral strength,
the lower will be the prevailing rate of interest.
Discuss it, with reference to the interest rates of today (ZIRP), and those prevailing for nearly two centuries (see below).
Are we more rational today? Or is something else going on?
Answers in the comments, in less than 200 words please. (Readers may wish to refer both to Mises and Hayek’s discussion of “forced savings,” and George Reisman’s of the role of reason and freedom in capital accumulation.)