Nope.<p>Every currency can have low interest rates at the same time. It&#x27;s not rates relative to each other that matters that impacts nominal activity, it&#x27;s the absolute rate of each.<p>All currencies could have -10% rate at the same time (if they all introduced an exchange rate between cash and digital deposits).<p>Hard to claim that credit is the problem because we know for a fact that monetary policy is too tight right now (as indicated by where the nominal aggregates are). In any case the govt should largely not attempt to influence credit.<p>Until monetary policy is back to neutral, all other problems most economic ills are likely to be a consequence of bad money policy.