> If everybody has an incentive for rates to stay low, they will stay low Your list of stakeholders who like low rates is the same today as it was in the 2010s

> If everybody has an incentive for rates to stay low, they will stay low Your list of stakeholders who like low rates is the same today as it was in the 2010s, the 2000s, the 1990s, the 1980s and the 1970s when rates were much higher. If stakeholders who like low rates had the power to set the rates, the rates would have been lower then, too. > This ends in hyperinflation Counterpoint: low rates are a consequence of a sluggish economy, not Soviet-style central planning. If the economy comes roaring back with double-digit GDP growth eight quarters in a row, and central banks continue printing tens of trillions of new money in the face of an overheated economy, then we'll see a wage-price spiral. But if the economy remains sickly, or central banks ease off the stimulus, then it's hard to see hyperinflation on the horizon.