Share this postThe Federal Reserve's Human Sacrificewww.racket.newsCopy linkFacebookEmailNotesOtherThe Federal Reserve's Human SacrificeDaniel MedinaMay 25, 20233912ShareFor more from Daniel Medina, visit racketcartoons.substack.com3912ShareA guest post byDaniel MedinaMy cartoons stand up firmly against racism, xenophobia, hate bigotry, and ignorance. Regardless of the political party one belongs to, if you try to take advantage of the people, you will not be safe from my pen.Subscribe to Daniel
I remember when mortgage rate were pushing 18%. I actually have held a 12% mortgage on my crappy $50K house in the 80s. So, we have had artificially low rates for the past 20 years or so. It encourages debt, which is the idea. No one else in the world borrows money like Americans do. It is such a conrundum.
Nah. The human sacrifice occurred from 2008 - 2022 with rates at or near zero the whole time.
‘John Bull’, says someone, ‘can stand a great deal, but he cannot stand two per cent . .
-Walter Bagehot, London, 1852
Les plus ces change, etc. etc.