Voices
With Irish deposit rates going negative and deposit sizes going skyward, many people are now looking to build their own portfolio - the success of Robinhood shows the demand for personal investing. In a series of pieces starting today, I want to help people through the process.
Theoretically, there are at least two reasons for interest rates to be positive. First, the need to compensate creditors for postponing consumption i.e. the time value of money, and secondly, the need to compensate creditors for the varied but unavoidable risk of not being repaid i.e. credit risk. In practice, since at least the earliest references to debt in the ancient world, the fact of debtors compensating creditors has been widely accepted. This continued through the classical period, and even in Medieval Europe where usury was forbidden by the Christian Church, interest-bearing loans were the norm. But in the wake…
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