> Deflation (or at least reduced inflation) means reduced interest rates. If it was "just" a slow down, maybe interest rates were lower, but during times of un

> Deflation (or at least reduced inflation) means reduced interest rates. If it was "just" a slow down, maybe interest rates were lower, but during times of uncertainly lending is risky and so higher return is asked for that risk. The historical records shows that interest rates spiked during major economic events (of which there were more off, more often, and tended to last longer): * https://econbrowser.com/archives/2012/02/why_not_abolish https://econbrowser.com/archives/2012/02/why_not_abolish * https://econbrowser.com/archives/2012/09/the_gold_standa_1 https://econbrowser.com/archives/2012/09/the_gold_standa_1