You’ll recall that I’ve railed for years against zero interest rates, which transplanted a cancerous marrow into the very bones of the financial system. Originally a novel emergency expedience to shore up a fiscal skeleton riddled with osteoporosis in 2008, effectively free money was allowed to persist for an improbable fourteen years. Not to forget, bank rates also plummeted in 2002, barely recuperating to a modest 5 percent at last when the specter of the end of the world shoved rates smack down to nothing. Brief expedience slid to long-term crutch.
Original article: https://thespectator.com/topic/zero-interest-rates-economy-jerome-powell/
