Jeremy Hammond Quote
While Krugman thus ignored the role of the Fed’s inflationary monetary policy, Ron Paul had explained that when interest rates are high, it encourages savings, but when the Fed artificially lowers interest rates, the incentive is to borrow and to spend, rather than to save dollars that would have less purchasing power tomorrow than today.
Jeremy Hammond
While Krugman thus ignored the role of the Fed’s inflationary monetary policy, Ron Paul had explained that when interest rates are high, it encourages savings, but when the Fed artificially lowers interest rates, the incentive is to borrow and to spend, rather than to save dollars that would have less purchasing power tomorrow than today.
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