There is a lot of discussion now about what will happen throughout the economy when the Federal Reserve raises interest rates. Let me assure you, the Fed has much less influence over interest rates than is popularly believed. Lowering interest rates has been easy because the demand for money has been so low. I am telling you, interest rates will rise like nothing seen before when lenders face massive loan defaults. The question should be, is there anything the Fed can do to stop interest rates from rising after it is clear that the economy has been destroyed? The answer that question is no.

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