but last time the world didnt have the new sources of oil that exists today, and the technology level back then was also lower - leading to lower productivity.
Long term interest is related to growth, and higher interest is indicative of growth.
High interest is related to high prime rate. High prime rate is related to reduced demand for US debt, which it must issue because it can’t pay its bills. You offer debt with a higher rate of return to sweeten the pot or go bankrupt.
but last time the world didnt have the new sources of oil that exists today, and the technology level back then was also lower - leading to lower productivity.
Long term interest is related to growth, and higher interest is indicative of growth.