Since central banks have the ability to dictate what interest rates are; they acquire the ability to manipulate it. Therefore, even if they make changes in short-term interest rates, they also end up manipulating long-term interest rates, because the long-term rates are actually an average of the short-term ones.
The worst thing is that this ability to manipulate the economy is exercised exclusively by central banks. This supposes a control of the economic system because when managing the interest rates at discretion, it forces the economic agents to adjust to said rates, with which some may have advantages and others may be prejudiced; not by its decisions, but by a mandate of an institution that acts at discretion.
the interest is the result of the fact that individuals assign a higher value to goods and services in the present, compared to the same goods in the future. Increasing the future value comes from the fact that it is not possible to reach the future is to face the present.
Finally, highlight the following idea of Carl Menger:
"Human life is a process in which the course of future development is always influenced by previous development. It is a process that cannot be continued once it has been interrupted, and that cannot be completely rehabilitated once it has become seriously disordered. A necessary prerequisite of our prevision for the maintenance of our lives and for our development in future periods is a concern for the preceding periods of our lives. Setting aside the irregularities of economic activity, we can conclude that economizing men generally endeavor to ensure the satisfaction of needs of the immediate future first, and that only after this has been done, do they attempt to ensure the satisfaction of needs of more distant periods, in accordance with their remoteness in time."
Carl Menger. (1976). Principles of Economics. New York: New York University Press. p. 154.
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