content: It certainly means his economic theories were incorrect, or at least too simplistic to be useful for the purpose he was using them.  Whether that means low interest rates don't cause inflation is not really a valid summary of the issue because it doesn't cover all relevant variables.  We can create a greenhouse effect consistent with the basic claim that increased greenhouse gases will lead to warmer temperatures.  The problem is that the controlled conditions we produce in a small environment of our own devising is not the same as the actual planet's climate.