Portfolio equilibrium could not be achieved by lowering domestic (local currency) interest rates, because these were set - in effect - by the high domestic marginal efficiency of capital: high interest rates were needed to rein in the intrinsic dynamism of the domestic economy.
The world is witnessing an information revolution. That is clichéd, but true. The volume of information we are creating and storing is expanding at a mind-boggling pace. There is a growing concern that the mere ability to store larger and larger volumes of information is itself triggering storage of larger volumes of information without any consideration of its potential value.