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Well, what we found in the book, and I think it continued into the modern era, even since the financial crisis and so on, is that despite the low interest rates now, there a pattern of interest rates tend to trend, in US history, for periods of 20 to 40 years. That is, they trend up for 20 years, they trend down for 20 to 30 years. For example, they trended down in the late 19th century, the last three decades of the 19th century, then they rose in the first two decades of the 20th century.

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