“…if creditors charged governments interest rates commensurate with their actual risk, those huge interest rates (probably at Visa/Master Card levels) would cripple all Western governments’ ability to continue to spend at extravagant levels. And that would be the end of those governing classes. You see, it’s not about protecting you, the citizen. It is, and always has been, about protecting “them” from being like you.” —Bob Krumm
It’s also why the Fed loaned trillions of dollars to the world’s largest banks. Government exists to protect the political class at our expense.
Always has, always will.