By keeping interest rates near zero for over a decade, central banks have created profound economic insecurity and financial fragility.
That’s the argument of financial historian Edward Chancellor, guest on the latest New Money Review podcast.
Chancellor, author of a new book called ‘the Price of Time’, says that extremely low interest rates have caused unsustainable asset price inflation, including the recent bubbles in cryptocurrency and tech stocks.
And near-zero rates, says Chancellor, are also largely responsible for the weak economic growth, rising inequality, zombie companies, elevated debt levels and the pensions crises that have afflicted the West in recent years.
Listen to the podcast to hear Chancellor and New Money Review editor Paul Amery discuss:
