For over a decade, money was almost free. Zero rates and quantitative easing made borrowing cheap, fueling markets, speculation, and confidence. But nothing free stays free — the price comes later.
Cheap credit inflated asset prices, not productivity. It made the rich richer, encouraged reckless leverage, and built an economy addicted to liquidity. When rates rose, the illusion cracked. Companies that thrived on borrowed funds struggled; governments faced soaring interest bills; households met the real cost of debt.
The cycle of easy money taught a dangerous lesson: that growth could be engineered without effort. But debt is never erased — it merely shifts from tomorrow to today.
Now the bill is due. The question is not who will pay, but how much trust will be lost before the next reset begins.
— Rafael Monteiro