Good morning Locals Crew! We have canceled this morning's broadcast and will have an update video soon. We apologize but want to do the right thing. There was simply no-one protesting this morning and it would be dishonest to say otherwise!
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High interest rates are much more beneficial to the ability to save than they are detrimental to the ability to purchase. This is because with purchasing, the consequences of higher rates only begin to apply when the person is making payments, and those payments are late. It is those very same rates that allow a person to either make such payments more easily, or pay the complete cost at one time. As a rule, it is foolish to make payments when it is at all avoidable, and in avoiding such payments, a person steers clear of the penalizing side of these rates. Thus low interest rates have enabled the lack of discipline and deliberation in making medium or large purchases when the people do not have the appropriate reserves, which serves to keep them poor and enslaved to debt.
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High interest rates have been characterized for years as simply a dampener on the economy, a hindrance to "economic growth". Presenting it in this simple light serves to keep people unaware of its important role, and calls into question why there should ever be high interest rates at all.
It is a fact that when governments spend more money than they bring in and print more money to compensate, they are weakening the free-market economy or intervening in a free-market economy that is already no longer able to meet the demands / burdens placed on it by its population. In doing this, they are also devaluing the currency, weakening its purchasing power. The only protection against this erosion is for interest rates to be raised accordingly. Thus higher interest rates serve as a warning to the public as to how it should prioritize and spend its money in uncertain financial conditions, and it encourages thrift and savings, where the people's wealth can be preserved and gain interest with the ...
