Good article.

People don’t realize the breadth of the impact of the low rates and quantitative easing policies.

This stuff clearly helped navigate the 2008 crisis. But the cost is huge: bubbles everywhere, inequalities through the roof, spiralling government debt.

And while the interest rates have gone up, bank reserves are still nowhere near their pre-2008 levels.

Unfortunately, the way the monetary system works is quite difficult to understand, and is unlikely to ever enter the political debate.