Does cheap capital and its misallocation lead to a financialization of the economy, in a process that is detrimental to consumers? In this second installment of their Exchange series, Grant Williams, Simon Mikhailovich and Dan Oliver tackle some increasingly thorny issues such as the inevitability of cycles and their distorting effect on capital and ask if the central banks are now the last stop in the march of excess credit. Filmed on May 8, 2018 in New York.