The chief economist of the Bank of England found that interest rates are lower today “than at any time since the ancient Sumerians made the first loans, payable in either silver or grain, back in 3000 B.C,” The Washington Post reports.
Interest rates are or around zero in the United States, the United Kingdom, the euro zone, and Japan—economies that make up more than half of the global economy.
Why are interest rates so low today? Reporter Matt O’Brien looks at how a global economic crisis translates to low rates for everyone.
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