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Randy_M comments on The Mystery At The Heart of Central Banking - Less Wrong Discussion
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Here's something I find mysterious: How is it possible for the central bank to set interest rates? Shouldn't banks find some way to drag their feet about lending if the rates are too low (or add fees, perhaps) and lower barriers for borrowers if the rates are too high?
I suspect it has to be with being insured. Also, at some point they do drag their feet, or at least have been accoused of such as of late.