Quote:
Originally Posted by OrangeBlossomBaby
It's bad news for rich old people only to the extent that they'll have fewer pieces of gold to fill their coffins with when they're buried.
It's good news for anyone who has debt in any legal institution that charges interest.
It has zero impact on anyone who has neither savings nor debt.
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Not really true. Higher interest rates do not just apply to individuals but also to businesses. So high rates cost businesses money (other than banks) when they use debt to buy materials, build factories, etc. And that higher cost of money is then passed on to consumers. So lower interest rates benefit consumers whether they have neither savings nor debt.