"Money is cheap at the moment because growth is low, and that in turn means risk premia are lower and so on" Maybe. Money is cheap if you are a bank or a gove

"Money is cheap at the moment because growth is low, and that in turn means risk premia are lower and so on" Maybe. Money is cheap if you are a bank or a government backed borrower (like a conforming mortgage loan in the US). If you have collateral, like the car you're borrowing against, money is kind of cheap ... also if you have a perfect credit history. But I am not so sure that money is cheap right now out in the real world. If you are a new business with no track record or a consumer with poor credit history I think money might be quite expensive for you ...