Zero interest rates: redistribution through the backdoor
With the Covid-19 crisis, zero interest rates will become entrenched in Europe for the time being. Besides the (negative) long-term effects – rising inequality, distorted financial markets and misallocation of resources – there are also direct income effects. So far, they have resulted in the “transfer” of billions of euros from private households to the state and corporate sector. The intermediating banks, too, have suffered in the process, big time.
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