Low interest rates are usually attributed to low inflation, weak economic growth and super easy monetary policy. But there's another deep-seated factor that doesn't get much attention: demographics.

When people retire, their income drops much more sharply than their consumption. As a result, they stop saving and start drawing down the assets they've acquired during their high-saving years. That could start to put upward pressure on interest rates and downward pressure on stock prices.

In the '70s, there were economists who argued that seat belts were causing people to drive faster and kill more pedestrians. But after 15 or 20 years of research, we can now conclude that's actually not true. Seat belts, on net, do make people safer. So, on an evidence-based process, we should have people wear seat belts.

It is probably the case that some regulation of financing will make crises less likely, and I would say higher capital requirements are an almost fail-safe way to make banks safer. But there are a lot of other things that may not be doing that, and so we need to be careful about sort of, like, rushing to one conclusion or another.

Our democracy is designed to speak truth to power.

I think it is very important for any U.S. administration to be clear that America stands on the side of freedom and democracy and respect for individual rights.

Democracy is a destiny of humanity which cannot be averted. It can be delayed but not defeated.

My decision to appoint an inspector is not taken lightly. I hope it sends a strong signal that robust processes are in place to investigate allegations of failures in financial management and governance in local government.