In addition, the new law phased out all legal ceilings on interest rates which banks could charge customers under what the Federal Reserve called “Regulation Q,” as well as repealing all state laws which had set interest rate limits, the so-called anti-usury laws.
In a capitalist system, money is the king. If the interest rates are prohibitively high, there won’t be any new businesses, which would in turn turn the money tap off.
Surely Mr. Engdahl doesn’t understand this. The history of American entrepreneurship after 1980 is celebrated even today with the likes of IBM, Microsoft, apple, amazon, tesla leading the tech revolution. The author is absolutely mired in his idealistic utopian socialist world which has been demonstrated time and again as an absurd and failed concept.
