15% was not catastrophic for those of us old enough to have lived through rates that high. Just different. Unless the devaluation of a currency actually matters

15% was not catastrophic for those of us old enough to have lived through rates that high. Just different. Unless the devaluation of a currency actually matters to you. My country has had a currency devaluing for well over 100 years, in high and low inflation, so the point is mostly moot. Wage rises were aimed at say 5% ahead of inflation as anything smaller would instantly get eaten. Mortgages inflated down to pocket change, so after ten years of mortgage the percentage of your pay that went on the mortgage was so low it felt like housing became essentially free. You didn't keep £20k in a savings account as inflation would chew into it quickly, despite the account maybe paying 12%. Deflation means everyone is putting off all possible spending. Why buy that car when it'll be cheaper next month? As companies react to lower demand they lay people off, which increases unemployment and adding more deflationary pressure and reduces demand further. When enough companies have laid enough people off few are going to risk starting a company, as all the money in the economy is under mattresses waiting for things to get cheaper.