 | Hurricane Ike, Energy Infrastructure, Refineries and Damage Models Thread #4 (Updated 9/12 23:00 EDT) | The Oil Drum | Peak Oil Update - August 2008: Production Forecasts and EIA Oil Production Numbers |  |
175 comments on DrumBeat: September 13, 2008
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175 comments on DrumBeat: September 13, 2008
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Really? 1% base rate? 0% base rate? Happened in Japan.
The people want it, the banks want it, the government want it and it's the natural end point of fractional reserve banking. The whole population indebted to the banks to the maximum possible level. Exponential functions, there's always a limit.
I think there's a whole lot of consumption left in the USA yet.
Even 0% is not low enough, as Japan discovered. The nominal rate is not important - it is the real rate that matters. Under deflationary conditions, when the loss of credit reduced the effective money supply, the real rate is the nominal rate minus negative inflation. Real rates can be high even at very low nominal rates.