US interest rates have been for so low for so long that most people seem to just think they are normal and not the sign of fundamental problems that remain unresolved.
Its like John Travolta feeling relieved after jabbing 20 doses of adrenalin in Urma Thurman and the response produced is a flickering eye-lash.
Interest rates this low should have set off a boom of such size that rising interest rates would be unavoidable not a topic of speculation.
Too much interest bearing debt public and private.
Until we start discussing the fastest and most effective and equitable methods of eradicating those debilitating accounting entries the BEST we can hope for is something like Japan 1990-2015.
And by best I mean pretty good. With the buffoons we have setting policy we may realise pretty soon that the Japanese were not great but at least half decent at handling an asset price bust.
Finally some MACRO vision.
Pfh007 is entirely correct, we have had a paradigm shift rather than any empirical shift.