Patrick Boyle

because you can't.

The world won't put up with it from you.

There's sort of an old example or an old phrase from one of the US central bankers, I think, where he said, it's our currency and your problem.

And so while the UK and other countries don't get away with that.

Well, it's a disastrous idea because firstly, Japan is already in a bit of trouble over this.

Japan has massive, massive debt, but Japan also has had zero interest rates since the 1990s.

They've had three lost decades.

And the only reason, there's sort of a thing where there's a lot of people, like even Donald Trump in the United States talks about wanting to get interest rates down.

And there's this feeling they've

that you can lower interest rates and that will lower what you pay on the national debt and it'll make everyone's mortgages cheaper and whatever.

But the problem is that those low interest rates relate to it.

It's sort of like saying, oh, well, I'm feeling a bit out of shape.

I'll put myself on one of those heart machines they have at the hospital.

It's like, that's for someone who's dying.

Zero interest rates are not normal.

And if you look at any sort of long-term chart of interest rates, we're at sort of an average to low level right now.

We're kind of back to sort of the

sort of, I don't know, early 2000s, late 90s, early 2000s kind of thing.

Like interest rates aren't that high right now.

They just feel high because we've gotten used to since 1981, interest rates just came down year after year after year.