I was extremely confused for a moment, because the interest rates I was thinking of were the ones on savings accounts. i.e. the system that grants you money. (Though I would be interested in hearing if THOSE are harmful as well.)
savings accounts can be bs too depending on how your bank handles it, especially since premium rates are given to people who already have excess wealth, meaning a guy with a million in his account can have a 7.25% interest rate or something similar that quickly returns a decent amount of money just by existing versus a person who can only manage to have maybe a couple hundred saved as their cushion who only gets a 1.15% interest rate on their savings.
i think my rate is something less than 3% on my account? which is bs since the bank overall has a much higher interest rate given to it purely by having your money in it.
like, have you ever bought something off of an apple service, like the itunes store? you’ll notice that the purchase takes a few days to complete, right? what’s happening is that while your money is in limbo, it’s accruing interest. so that ten dollar purchase you made becomes something like 10.75 once the company receives it. they get free money purely by holding it.
i may be exaggerating some percentages, i don’t know the exact amounts, but the point still stands that it’s bs that corporations are able to accumulate free money from millions of microtransactions thanks to delaying purchases to take advantage of interest rates that are unfairly skewed in their favor.
the trend of purposeful delays in service and roundabout deliveries of payment can be seen in a lot of things in the US, from how medical care works to the delivery industry, and it exists purely to manipulate, accumulate, and take advantage of interest rates.