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Pippin friendica

When I first had a savings account opened for me as a child and some pocket money put into it, interest was at, I think, 17% or more. I thought that was normal at the time and probably couldn't understand why anyone would do anything with money but put it in savings. Then rates dropped off a cliff and seemed incredibly low; I didn't realise at the time it was just going back to normal.


This may be why some people think the recent economy is much worse than others. For someone like me, who remembers BIG inflation, this has just been a blip. And the late β€˜70s inflation included high unemployment.
unicorndeburgh mastodon (AP)

I studied economics in college and learned about the business cycle. And then we had decades of really, really low interest rates and inflation.

It honestly was nervous-making, because it means that governments don't have the "lever" of lowering interests rates to goose the economy.

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