The problem is it isn't actually a lagging indicator of a good economy. If it were developing economies with high interest rates should have had very good economies past few years. (They hadn't.)
In actuality, high interest rates are an indication of something going wrong in the economy.
Ah well sure it can mean a lot of things.
It could mean no one is willing to give out a loan because the risk is too high.
It could mean borrowers are willing pay a high premium for a loan because things are going so well.
Regardless, the main focus of this post is a world without loans at all.
So I'm really not sure what to make of a lot of these comments on the post.
It mostly reads as if the main point is nature of loans, and the world without loans part is tacked on.
Hm yeah that's fair I went off on that Twitter spaces tangent forever.
Bottom line is that every conversation point in economics is a flawed and incomplete argument because it's not possible to do otherwise.