Nevertheless, it captures the feeling that many people in the surrounding office blocks here in Frankfurt and all across the country share – that a long-standing system of values is in danger of being toppled by interest rate developments. This system of values concerns the distribution of roles in our society.
According to this system, borrowers hold debt, and holding debt means making some sort of sacrifice elsewhere. Savers, on the other hand, have an asset – something of value – which they have built up by foregoing consumption – and they should therefore be rewarded for their efforts.