IN DEFENSE OF LOW INTERESTRATES JAMES K. GALBRAITH
"if John Maynard Keynes were still alive, he would favor a low rate of interest."
"In recalling John Maynard Keynes's revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there is no alternative to a policy of low interest rates. However, such a policy cannot be effective, he argues, without a radical restructuring of the US economy as a whole."
Unfortunately, the Fed considers raising interest rates the sole tool for addressing inflation. jz
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