Crimes rates have plummeted in the U.S. since the mid-1990s. Most of the credit for this remarkable trend has been given to an enlarged criminal justice system---largely more police, tougher sentencing and a massive prison complex.
But we have found a larger and much more powerful explanation: A drop in interest rates and, in particular, long-term interest rates.
When interest rates go up, crime goes up. When interest rates go down, crime goes down.
This has . . .
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