Bill Jamieson writing in The Scotsman proposes 0.0% interest rates, and says: “For a generation of economists and commentators driven by the inflationary crisis of the 1970s into the arms of the Austrian school of economics, this is high heresy. The prime role of central banks was the control of inflation and the very first step was the halting of the printing presses. We are indeed at an historical inflection point, where the established wisdom of the past 30 years is already half way to the incinerator.”
On the other hand, W. James antle III writes on Political USA: “Near-zero interest rates and monetary growth have failed to induce recovery in Japan; these same conservatives would recognize the error of these policies if their delivery mechanism was instead direct federal subsidies to uncreditworthy businesses. But outside of ignored economists from the Austrian school, nobody challenges the bipartisan, transideological consensus.”
