The Federal Reserve is considering capping bond rates at very low levels. Interest rates on savings, certificates of deposit and money markets are at an all-time low.
The policymakers’ objective is to revive the post-COVID-19 economy by encouraging consumer spending.
Stated another way, the recovery will take place on the backs of the savers.`Saving used to be admired, borrowing was frowned on. In Aramaic, the language ancestral to today’s Semitic languages and used in the administration of empires, the word for “debt” and “sin” is the same.
How things have changed!