Some experts feed the anxiety of short-term economic crisis fueled by the interest rate'disorders. Very low, sometime negative long-term interest rates are at the very heart of wildest speculations! Far from cheap credit granted as a benefit to the economy, our "cassandras" see instead easy money invested in unprofitable projects thus destroying creditors and taxpayers'wealth. It is worth remembering the 1970s, a period when high inflation converted into expensive and therefore selective credit to reliable corporate firms. It is also worth remembering the excesses of the 1980s' deregulation and the resulting liberalization of capital and credit markets and of securitization issuances expansion. They boosted the real economy, but not without favoring the emergence of a virtual economy. Let us see as an example, the "reverse cash and carry" operations where financial agents extracted profit from yield curve reversal of interest rates without any benefit to the real economy. And the years preceding the 2008 crisis have brougth interesting matter of thinking the future otherwise. Among others, non-consolidated major US Banks subsidiaries - single purpose vehicules - where fond of issuing US short term commercial paper to fund medium term credits to corporate firms or institutional funds. Not bad for speculative grade borrowers with sustainable projects. Not that good for a good deal of uneconomical adventures that went bust ! And now, both sides of the pond, we are witnessing quite a strange phenomenum : cheap money and cheap credit alltogether, skyrocketing real estate values. Though it could look like a romance for the borrowers at the beginning of the cycle, it may well let creditors and banks with the management of an unexpected economical downturn, not such a remote assumption. Maybe there was a snag in the banks credit policies. The credit default behaviour of say below investment grade corporate firms, that are by far the the majority of them, shows that the average default rate measure - let us say 3% annual default rate - is of very poor help. The real issue for the lenders is for them to be prepared for an economic schock when default rate could jump to 10% or more. The best way to prepare for that stress scenario has a name : equity. It also bears a cost that sould be passed on to borrowers. A relevant protection for a lender would be for him to allocate 10% of the loan from its own equity. If the equity yield is to be at 12%, that would convert into a supplementary rate of 1,2% to be charged to the borrower. That would both benefit the financial situation of the credit lenders in the short term and the corporate firms over the medium term. Dominic Pasquier