The enormous economic distortions caused by ultra low Western central bank interest rates since about 2008

 The considerable distortions of cheap money have been as follows:

1. Overinvestment in e.g. residential and commercial real estate, risky financial assets (e.g. digital currencies), art works, startups etc., company stocks (in particular technology)
2. The usual allocation of household savings changed away from interest bearing bank accounts and government bonds
3. Governments increased spending for various reasons (e.g. never let a welcome crisis go to waste), have run more budget deficits, and accumulated more government debt than otherwise 
4. No surprise we are now experiencing a severe price inflation 

Worst of all, economists did too little to prevent this development despite better knowledge and historical evidence! Au contraire, too many economists actually aided and abetted this development!