Klein stated in his Substack column that the near-zero interest rates after the 2008 global financial crisis indicated economic dysfunction. He argues that higher rates reflect robust economic growth, with incomes and spending currently rising 7% annually, and strong capital demand, particularly from AI infrastructure buildout. This also signifies a normalization of rate markets. Globally, 10-year bond yields are at multi-year highs, including Japan (30 years), Germany (15 years), and the U.K. (18 years).