ECONOMIC MEMORY LOSS “Bad news for young people: Interest rates could go up for decades.” Really? From 1946–1981, interest rates rose for 35 years. Canada simultaneously experienced one of the greatest expansions of productivity, real incomes, infrastructure, homeownership and middle-class prosperity in its history. Long-term bond yields went from roughly 2.6% to 15%. The economy didn't collapse. It transformed. The mistake is assuming falling interest rates create prosperity. For forty years, falling rates increasingly inflated the value of existing assets and encouraged leverage. The coming era may look very different. ❄️ First, higher rates destroy the economics of excessive debt and inflated land values. 🌱 Then capital increasingly migrates toward AI, robotics, energy, infrastructure and productive technology. That is Schumpeter's Creative Destruction. And it is exactly what a Kondratieff transition should look like. People have short economic memories. History has a very long one.