It’s nice not to be alone in one’s thinking!
Here’s another “Chart of the Week” produced by Grep Opie of the Economic Research Council. It educates and demystifies ‘interest rates’ a little. If you click on the chart you get to the original posting with explanations.
They miss the crucial questions:
- why should HMG borrow?
- who doesn’t HMG create interest-free Cash electronically?
- since banks can create Credit from thin air and charge interest, why have successive governments allowed that to happen more and more?