Deserts would be watered, beaches would be built in places accessible to cities and provided with artificial sea and sunlight.’ I found it surprising to read this – not just because of the obvious engineering challenges – but because in other writings, Melville was very sceptical about public works and public debt. Understandably, he wanted public money to be spent wisely.
So this was quite a contrast. But it reflected his strong view that zero interest rates were an impossibility, because at zero interest rates, people would just borrow, invest and consume and satisfy all their wants. So as I said, he would be perplexed at the current state of affairs.