An impressive graphic that shows what happens when the state artificially manipulates interest rates and claims a growing part of the economy for itself: return on capital as a reflection of productivity continues to collapse - this is a circulus vitiosus and can only be reversed if one returns to private formation of capital, abandons fiat credit and establishes sound money principles. The zombie economy, which is growing inexorably and can no longer serve capital with positive interest rates, is destroying an efficient allocation of scarce resources in line with the market. State interventionism is a poverty program!

Source: @crossbordercapital on 'X'