The interest rate, real and nominal, on long-term safe assets is perhaps the most important price in a capitalist economy. It tells one about confidence in governments and the economy. In recent years, these prices have normalised. The era of ultra-low interest rates that began in 2007-09, with the financial crises, seems to be over. An era of normality seemed to be returning. Hurrah! But the world does not really look very “normal”. Should we be waiting for big new shocks, instead?
長期避險資產的實際和名義利率也許是資本主義經濟中最重要的價格。從中可以得知人們對政府和經濟有多大信心。近些年來，這些價格已經正常化。始于2007-09年、伴隨金融危機而來的超低利率時代似乎結束了。一個正常化的時代似乎正在回歸。萬幸！但世界看起來其實并不是很“正常”。相反，我們是否應該等候迎接一些重大的新沖擊呢？
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