by Mises Institute
This week the Bank of England continued the global trend of lowering interest rates when they announced a new historically low rate of .25%, along with an additional round of quantitative easing. England is not the only country desperate for economic growth, after the Fed last week admitted the US economy was too weak for them to follow through with a rate hike. The central banks, in their never ending crusade against deflation, are fighting the very phenomenon that can actually increase society’s well-being. Unfortunately, as embodied in the rise of EU head Jean-Claude Juncker, the worst often rise to the top, as the political class continues its class warfare against those that enjoy its power.