More like 40. I had a checking/savings account that my grandmother set up for me when I was born. It paid .5% interest on a checking account, and the savings acciunt paid 2.5%. They stopped giving those rates sometime in the 90s. Same bank charged me an “inactivity fee” in the mid 00s to 0 out the accounts and closed them.
That sounds cool, but given that bank interest creates currency directly that means if it continues at that rate then eventually peso value will start to see a sharp decline.
Yeah, but it’s not that direct a process, and while there’s still interest in the currency we can support a lot more of it. High interests have also meant less spending and lower inflation.
Really the currency losing value is something that happens always so just getting anything in return is a win, though it sucks for people holding money without a good investment.
I got 5% on my ISA twenty years ago, and it really did feel like getting free money. Now my savings are depreciating so quickly I feel like I’d be better off spending it all. Not that it’s very much.
Breaking the fourth wall is from theatre, where you can imagine an invisible wall between the characters and the audience. Nowadays it’s used for any medium-awareness shenanigans including stuff like this, even though the audience (you) is not directly involved.
cyanideandhappiness
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