Central bankers are destroying capitalism

If central bankers push interest rates any lower, they risk undermining the social order upon which the capitalist system rests, says Ed Chancellor.

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Capitalism depends on a cheerier middle class

Central bankers justify ultra-low interest rates on the grounds they help to stave off deflation. One of the well-known consequences of deflation is that corporate profits become depressed. This happens because wages tend to fall more slowly than other prices.

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Edward Chancellor

Edward specialises in business and finance and he regularly contributes to the MoneyWeek regarding the global economy during the pre, during and post-pandemic, plus he reports on the global stock market on occasion. 

Edward has written for many reputable publications such as The New York Times, Financial Times, The Wall Street Journal, Yahoo, The Spectator and he is currently a columnist for Reuters Breakingviews. He is also a financial historian and investment strategist with a first-class honours degree from Trinity College, Cambridge. 

Edward received a George Polk Award in 2008 for financial reporting for his article “Ponzi Nation” in Institutional Investor magazine. He is also a book writer, his latest book being The Price of Time, which was longlisted for the FT 2022 Business Book of the Year.